Tokyo FinTech
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Tokyo FinTech

The cryptocurrency “green list”

As we laid out in our article “Set Japanese crypto exchanges free!”, the Japan Virtual and Crypto asset Exchange Association (JVCEA) announced a “green list” of the most common tokens, so that these can be listed on any exchange without requiring exchange-by-exchange approval.

Naturally, exchanges will still need to comply with their internal governance — there needs to be a “new listing” process that ensures that from an operational and infrastructure perspective, the exchange is ready to accept, trade and allow withdrawals of said tokens. That explains why it will take some time for the exchanges to catch up with this “free for all” list.

While the announcement initially covered 18 tokens, the final publication excluded Chainlink (LINK) as it did not meet the criteria listed below. So here are the glorious 17:

  • Basic Attention Token (BAT)
  • Bitcoin Cash (BCH, BCC)
  • Bitcoin (BTC, XBT)
  • Polkadot (DOT)
  • Ethereum Classic (ETC)
  • Ethereum (ETH)
  • Enjin Coin (ENJ)
  • Lisk (LSK)
  • Litecoin (LTC)
  • MonaCoin (MONA)
  • OMG Network (OMG)
  • Qtum (QTUM)
  • NEM (XEM)
  • Stellar (XLM)
  • Ripple (XRP)
  • Tezos (XTZ)
  • Symbol (XYM)

The criteria applied by the JVCEA to compile this list are as follows:

  1. Cryptocurrency assets handled by 3 or more member companies
  2. Cryptocurrency assets that have been in use for more than 6 months since one company started handling
  3. Cryptocurrency assets for which the association has not set incidental conditions for its handling
  4. In addition, cryptographic assets for which there is no reason to make it inappropriate to be included in this list by the association

The key question is whether these criteria penalize early adopters? For example, just yesterday BTCBOX became the first exchange to list DOGE coin. They had to go through the full approval process, the same as the second and third exchange have to do to list DOGE. Once that heavy lifting has been done, and the token becomes eligible for the green list, any additional exchange will have it much easier. Hm….

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Norbert Gehrke

Norbert Gehrke

Passionate about strategy & innovation across Asia. At home in Japan. Connector of people & ideas.

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