To compete with foreign competitors, Japanese cryptocurrency exchanges are reportedly making the process of approving new cryptocurrency listings easier.

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Announced on Tuesday, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to release a “green list” of 18 popular cryptocurrencies later this month, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Litecoin (LTC).

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For a cryptocurrency to get added to the list, it must already be listed on three or more exchanges, one of which has listed the cryptocurrency for at least six months. When listing any cryptocurrency on the list, JVCEA members will no longer need to go through the association's screening process, making the process a lot simpler.

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The JVCEA hopes this will give crypto investors more options to trade on Japanese cryptocurrency exchanges. “Some industry executives said sophisticated traders have flocked to exchanges that do not have a license in Japan, such as Binance, partly due to the lack of options,” the report said.

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This comes as Coincheck, a Japanese wallet and crypto exchange, has announced plans to list on the Nasdaq stock exchange through a special purpose acquisition with Thunder Bridge Capital.

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