JVCEA Handled-Instrument Whitelist Framework — Token Listing Process + Green/Yellow Lists

Wiki route

This entry sits under exchanges index. Read it against JVCEA Whitelist Listed Token Timeline (2017-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

1. Framework Overview

JVCEA (Japan Virtual and Crypto assets Exchange Association), as a designated self-regulatory organisation, plays the role of reviewing and publicly listing the instruments that domestic VASPs (crypto asset exchange operators) are permitted to handle. Under the amended Payment Services Act, JVCEA pre-screening is a de facto requirement for new token listings, and the FSA (Financial Services Agency) has delegated most of its review function to the association. Member VASPs make decisions on handling new and existing instruments in accordance with the association’s handling policy rules. See jvcea-self-regulatory-overview for details.

2. Green List (simplified review) vs Yellow List (individual review)

Operated as a two-tier system since around 2022 年:

• Green List — Major tokens already handled by multiple members with large-volume liquidity (BTC / ETH / XRP / LTC / BCH / XLM / DOT, etc.). New VASPs can add these with a simplified notification only. The introduction of this tier shortened the listing period to approximately 1 months in general.
• Yellow List (individual review) — New tokens or tokens not yet handled domestically. Requires individual review + a handling-or-not determination (period: 3–6 months, depending on the case). Includes issuer due diligence, market liquidity review, and compliance checks.

3. Review Criteria (8 major items)

Review items based on JVCEA handling policy rules:

1. Transparency of issuer and team (who is issuing and where they are located)
2. Value backing (economic rationale, actual usage)
3. AML/CFT risk (anonymity, transaction traceability)
4. Technical security (code audit, hacking history)
5. Legal classification (securities characterisation, applicable laws)
6. Liquidity (overseas listing status, trading volume)
7. Domestic user demand
8. Risk management structure of the handling operator

4. Domestic vs Overseas Instrument-Count Gap

Even jp-exchange-coincheck, the domestic spot-market leader, handles only around 30 instruments (as of 2026–05 ). In contrast, overseas major jp-foreign-exchange-mexc has 2,376 instruments, and Binance has several hundred to over 2,000 . The Yellow List individual-review burden and the risk-management-system requirements for handling operators are the structural factors constraining domestic instrument counts.

5. Notable Cases (2025–2026)

• ZPG / WILD — Domestic debut listing at jp-exchange-gmo-coin (2026 年 first domestic listing; Wilder World-related). Specialist exchange jp-exchange-digital-asset-markets handles ZPG/ZPGAG/ZPGPT
• KAIA — Successor chain to Finschia; commenced handling at jp-exchange-line-xenesis
• NIDT — Nippon Idol Token; issued and circulated at jp-exchange-backseat-exchange

Related

• jvcea-whitelist-listing-timeline — JVCEA whitelist-listed instrument timeline
• jp-ieo-system-and-cases — JP IEO framework and cases
• global-vasp-regulatory-comparison-matrix — Global VASP regulatory comparison matrix

Sources: JVCEA rules (public at jvcea.or.jp/about/regulations/), per-VASP handled-instrument public notices, Nikkei / ITmedia reporting (2025–2026)