The Japan Virtual Currency Exchange Association (JVCEA) Announces BNB and ALGO to its Platform
The Japan Virtual Currency Exchange Association (JVCEA) has announced the introduction of Binance Coin (BNB) and Algorand (ALGO) to its platform. This marks the first time BNB and ALGO will be available for trade in Japan, starting from August 1, 2023. The JVCEA has been making efforts to streamline its review process for new cryptocurrency listings, aiming to invigorate the crypto industry.
BNB and ALGO Debut in Japan
The JVCEA, a self-regulatory body for cryptocurrency exchanges and related derivative trading businesses, has announced that it will start handling Binance Coin (BNB) and Algorand (ALGO) from August 1, 2023. This marks a significant milestone as it is the first time these cryptocurrencies will be available for trade in Japan. BNB is also listed among the initial 34 cryptocurrencies that Binance Japan plans to offer fully in August.
Efforts to Streamline Crypto Listing Process
The JVCEA introduced a ‘green list’ system and improvements to its review process for new cryptocurrency listings in March 2022. These measures aim to streamline the previously time-consuming review process, reducing the burden on both the association and its members. Ultimately, the goal is to invigorate the domestic web3 industry, which has been experiencing a slowdown due to the lengthy review process.
Introduction to BNB and ALGO
BNB was initially issued in 2017 as a native token to be used for receiving discounts on transaction fees on Binance, the largest cryptocurrency exchange. It has since been integrated into the BNB chain, where various decentralized applications (dApps) have been built. As of July 2023, 11 organizations are operating as validators on the BNB Beacon Chain, and 25 organizations are validators on the BNB Smart Chain, according to data explained by JVCEA based on BscScan. BNB was rebranded from Binance Coin to Build and Build in February 2022, citing the advancement of ecosystem decentralization.
Algorand (ALGO) is a cryptocurrency issued as a native currency for use in its ecosystem. It plays the role of an execution environment in which decentralized applications operate. In April of the previous year, it announced the launch of the Algorand Japan Accelerator program in Japan. This program is a support system provided for startups to accelerate their growth, aiming to produce startups using the Algorand chain based in Tokyo.
Conclusion
The introduction of BNB and ALGO to the Japanese market by the JVCEA marks a significant development in the country’s cryptocurrency landscape. By streamlining its review process for new cryptocurrency listings, the JVCEA aims to invigorate the crypto industry and contribute to the growth of the web3 sector. With the increasing adoption and integration of cryptocurrencies like BNB and ALGO, the future of the crypto industry in Japan looks promising.
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