The trade was conducted to conform with Japanese regulations by the FSA-registered crypto exchange. Despite the acquisition, both crypto exchanges were cooperating, as "Quoine will gradually integrate FTX's products and services into its own offering, and FTX's existing Japanese customers will be migrated to Quoine's platform," according to the press release.
Users, investors, and exchanges must follow specified record-keeping requirements and submit an annual report to the Financial Services Agency under exchange-based laws in Japan, which are mostly aimed at maintaining market integrity (FSA).
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Now, the Japanese government is contemplating a suggestion to simplify the action of listing digital assets in the local retail trading market for registered crypto exchanges. But the final decision is yet to be made.
According to Bloomberg, the lengthy screening process when listing certain assets (by exchanges that have registered with the Financial Services Agency) will no longer be an issue, if the new rules took place.
The screening process, at the moment, can even take six months to complete, and it supposedly prevented the $1 trillion Japanese crypto industry from evolving to its fullest extent. Moreover, Japanese exchanges are very behind the top exchanges such as Binance and Coinbase. Coincheck and GMO coins have 17 listed coins each. Additionally, crypto exchanges could list more than a dozen tokens at once.
Furthermore, it would be easier for exchanges to list Bitcoin and Ether, and digital assets that have been stuck and listed for more than six months on several domestic exchanges would be freed from the additional screening process. The association is actively looking for ways to improve the approval process of coins that aren't traded in Japan at the moment.
Besides, Coinbase and FTX have stepped into the Japanese market with parts registering crypto exchanges, at the same time that the proposal came to light.
