JVCEA greenlights Astar Network’s token, now listed on Huobi
Blockchain innovation hub Astar Network has announced that its native ASTR token has been listed on Huobi Japan, making it the third cryptocurrency exchange in Japan to list it, following Bitbank and GMO Coin.
With this trio listing, the ASTR token has been added to a “green list” of popular cryptocurrencies registered with Japanese crypto exchanges’ self-regulatory authority, the Japan Virtual and Crypto Assets Exchange Association (JVCEA).
The green listing will spare other crypto exchanges from having to screen the ASTR token with the JVCEA each time before listing the coin on their trading platforms. The conditions for being added to the green list include being listed on three exchanges in Japan, with at least one trading platform having to list that digital asset for at least six months. They also need to meet other criteria set by the FSA, including environmental considerations such as energy consumption and carbon footprint.
The main idea behind the green list, which will be updated regularly to reflect changes in the market and technology, is to help local exchanges compete with foreign platforms. Before that, Japanese exchanges had to undergo a time-consuming screening process to list any cryptocurrency. In contrast, assets on the Green List are exempt from the approval process as they have already been thoroughly vetted by three or more member exchanges.
Sota Watanabe, Founder of Astar Network, said, “Given that Astar has a significant presence in Japan and a lot of enterprises are entering Web3 with Astar, joining the Green List is a huge step not only for us but also for Japanese companies. It makes it much faster to list ASTR on other Japanese exchanges. We continue to work with regulators to utilize ASTR in Japan faster.”
Astar Network is a Japanese-based bridge connecting layer-1 blockchains like Ethereum and Cosmos with the Polkadot ecosystem.
Earlier this year, Astar Network onboarded global entertainment giant Sony, Japan’s top mobile carrier NTT Docomo and automaker Toyota to collaborate on mass adoption of Web3 as well as its social implementation.
Astar-Sony partnership launched a Web3 Incubation Program dedicated to advancing relevant technologies, with a focus on helping promising startups gain initial traction. Toyota is also exploring advances in the Web3 to create new experiences that will eventually be folded into concrete suggestions to improve the company’s operations.
To expedite the growth of Web3 in their native Japan, NTT Docomo will invest as much as $4 billion on the next-generation internet technology as it seeks to take a leading position using its mobile infrastructure over the next 5-6 years.
