What is the relationship between FSA (JVCEA) Green-Listed assets and airdrops? A brief explanation of each asset!

When they hear "airdrop," many investors might picture a "lucky event where you get free crypto." However, that perception is now a thing of the past. As of 2025, airdrops have moved far beyond simple marketing tactics, evolving into a sophisticated and strategic economic incentive design that can determine a project's success or failure.

This evolution has two sides for us Japanese investors. One is the emergence of new profit opportunities on a scale previously unimaginable. The path has been paved to acquire wealth that cannot be obtained by passively waiting, such as receiving new tokens from blockchain splits (hard forks) and calculated rewards for contributing to ecosystems (through staking and crowdloans).

However, the other side is the proportionally increasing serious risk. In particular, phishing scams that exploit the fame of popular assets have become more sophisticated, and a moment's carelessness can lead to a fatal loss of assets. Fake airdrop announcements disguised as official statements are the greatest threat to be wary of.

This article focuses on the "Green List" published by the Japan Virtual and Crypto assets Exchange Association (JVCEA)—in other words, the major crypto assets easily accessible to investors under Japanese regulations. We will comprehensively analyze how these assets have been involved with "airdrops" in the past, deciphering their history, methods, and future potential.

Through this analysis, our ultimate goal is to provide strategic insights for Japanese investors to safely and maximally leverage these new opportunities.

The Green List by JVCEA can be found here.

1.1. The Role and Significance of the JVCEA Green List

First, it is essential to understand the importance of the "Green List," the subject of our analysis. The JVCEA is a self-regulatory organization for the Japanese crypto-asset industry, authorized by the Financial Services Agency (FSA). Its main objectives are to protect users and promote the sound development of the industry, and the "Green List System" was introduced in March 2022 as part of these efforts.

This system is designed to streamline the screening process for domestic crypto-asset exchanges when they list new assets. To be included on the Green List, an asset must meet the following criteria:

• It must be handled by three or more JVCEA member exchanges.
• At least six months must have passed since one of the member exchanges began handling it.

These conditions indicate that the asset has a certain level of liquidity, reliability, and operational track record in the Japanese market. In other words, for Japanese investors, assets on the Green List can be interpreted as a group of relatively established assets that have passed a certain level of screening.

1.2. Five Types for Airdrop Analysis

Next, we will define an analytical framework for understanding the diverse forms of airdrops.

1. Standard Airdrop This is the most basic form, where tokens are distributed for free to users who meet specific conditions, with the aim of increasing project awareness.

2. Fork-based Distribution This occurs when a blockchain undergoes a non-backward-compatible update (a hard fork), and holders of the original chain's tokens are automatically granted tokens on the new chain. The creation of Bitcoin Cash (BCH) from Bitcoin (BTC) is a representative example.

3. Holder Airdrop In this form, new tokens are distributed to users who hold a specific crypto asset at a particular date and time (a snapshot), based on their holding amount. It often functions as a reward for loyalty to the project.

4. Ecosystem & Participation Airdrop This is the mainstream and most complex form in recent years. Rewards are paid not just for holding, but for active contributions to the ecosystem, such as staking, governance voting, and testnet participation. Polkadot's crowdloans are a typical example.

5. Bounty Airdrop In this form, rewards are paid to users who complete specific promotional activities (bounties) designated by the project, such as social media promotion or bug reporting.

Airdrop strategies have evolved significantly from the lessons learned from early models, which were vulnerable to "Sybil attacks" (where one person uses multiple accounts to unfairly claim rewards). The incident where a large-scale airdrop planned by Stellar (XLM) was canceled due to this issue became a major turning point for the industry, leading to the current model that requires active "participation and contribution" rather than passive "holding."

Summary Table

Here, we analyze Green-Listed assets where the project itself has intentionally conducted airdrops.

• IOST (IOST): IOST positions airdrops as a strategic reward program to encourage long-term holding and maintain network stability. The "DON" token airdrop in 2021, in particular, targeted IOST holders, but some domestic exchanges opted not to distribute it due to safety concerns. This suggests that if you keep your assets on an exchange, you risk missing opportunities depending on its policies, and highlights the importance of self-custody wallets.
• Stellar (XLM): Stellar has conducted ambitious, large-scale airdrops in the past, but a planned distribution of 2 billion XLM in 2019 was canceled due to a Sybil attack involving the mass creation of fake accounts. This failure became a catalyst for the entire industry to shift its focus from sheer numbers to the quality of engaged participants, and is the reason later projects came to emphasize proof of contribution.
• The Sandbox (SAND): The Sandbox's strategy is not a broad distribution but a "targeted" approach aimed at specific community members with a high degree of contribution to the ecosystem. A prime example is the airdrop for LAND (land NFT) holders, where bonuses were given not just for the number of holdings, but also to "diamond hands" users who had held for a long time. This is a sophisticated model that rewards capital investment and long-term commitment.
• Axie Infinity (AXS): Axie's approach is characterized by the gamification of the airdrop process itself. Rewards are earned through "proof of work," such as referring friends, creating content, and completing simple tasks. This ensures that the recipients are not mere speculators but are participants already interested and engaged in the ecosystem.
• OMG Network (OMG): OMG is a historic project that conducted Ethereum's first-ever airdrop in 2017 by distributing free tokens to all ETH holders. However, now that the project has matured, its fame is being exploited by phishing scam promotions. It is a case that symbolizes the lifecycle of an airdrop: an innovative strategy in its early days and a breeding ground for scams in its mature phase.
• Ontology (ONT): Ontology is a typical example of a "bounty airdrop" where rewards are earned by completing tasks like using the official wallet app or promoting on social media. Users can participate without financial investment, but in return, they need to provide personal and social media account information, requiring a trade-off between the value gained and privacy risks.

These are cases where new tokens were distributed not for marketing, but as a result of a fundamental split (hard fork) or major evolution of the blockchain.

• Symbol (XYM) and NEM (XEM): In 2021, a major update to NEM gave birth to a new blockchain, Symbol. In conjunction, NEM (XEM) holders gained the right to receive new XYM tokens at a 1:1 ratio. This was a planned asset distribution to smoothly transition the existing community to a next-generation platform while maintaining their support during the network's evolution.
• Bitcoin Cash (BCH) and Bitcoin (BTC): In 2017, a conflict over Bitcoin's transaction processing capacity (scalability) led to a community split and the birth of BCH. All users holding BTC at the moment of the hard fork automatically received an equivalent amount of BCH. This set a powerful precedent that holding the market's most dominant asset could lead to acquiring new assets from a community split for free.
• Ethereum Classic (ETC) and Ethereum (ETH): The ETH community split over the response to the 2016 "DAO incident" hack. A hard fork was implemented to roll back the blockchain's history to nullify the hack, but some who believed "code is law" rejected this. The original, unforked chain survived as ETC. As a result, ETH holders at the time ended up holding both the new ETH and the original ETC, a case where an ideological and ethical conflict led to the creation of a new asset.

This is the most advanced form of airdrop, designed not as a simple distribution to holders, but as a reward for actions that directly contribute to the ecosystem's growth.

• Ripple (XRP): XRP itself doesn't conduct airdrops. Instead, an independent project, "Flare Network," which aims to bring smart contract functionality to the XRP ecosystem, distributed FLR tokens to XRP holders. This presents a "symbiotic airdrop" model where a new project (Flare) launches by leveraging the community base of an existing asset (XRP). Furthermore, the fact that the distribution was phased over several years was a strategic design to curb selling pressure.
• Polkadot (DOT): Airdrops on Polkadot are fundamentally different from the traditional concept. Users lock (lend) their DOT for a certain period (usually 2 years) in a "crowdloan" for a project that wants to connect to Polkadot. In return for this capital contribution, they receive the project's native tokens as a reward. This is not "free"; it is a strategic investment decision that involves the opportunity cost of locking up DOT (the profit that could have been earned from other investments). It is arguably the most evolved form, being extremely resistant to Sybil attacks and ensuring that participants have a stake in the project's long-term success.
• Filecoin (FIL): With the advent of the FVM (Filecoin Virtual Machine), which enables smart contracts on the Filecoin network, there has been a surge in new applications (dApps) conducting airdrops to acquire users. This suggests that not just holding FIL, but actively using various dApps on the FVM, could lead to continuous future returns.

Here, we analyze assets where there is no clear history of official airdrops, or where the term "airdrop" is primarily used in the context of scams, requiring special caution.

• Basic Attention Token (BAT): The core of BAT is an "earn" model where users are continuously rewarded for viewing ads on the privacy-focused Brave browser. While this is not strictly an airdrop, its fame has led to a flood of unofficial promotions and fraudulent solicitations claiming to be a "BAT airdrop," causing confusion among users.
• Decentraland (MANA): Due to its popularity, MANA has become a prime target for scams. A major incident occurred in September 2024 when its official X account was hacked to promote a fake MANA airdrop. Any widely advertised, large-scale MANA airdrop should be suspected as almost certainly a scam.
• Maker (MKR) & Shiba Inu (SHIB): These tokens, with their high-profile status and massive communities, are extremely attractive targets for scammers. The vast majority of available information is warnings about fake airdrop scams, with a common tactic being to lure users to malicious websites with the promise of free distributions to steal their wallet private keys. Information about airdrops for these assets should be treated with the utmost skepticism.

These are assets for which no related airdrop information was confirmed within the scope of this research.

• Bitcoin (BTC), Ethereum (ETH): These assets themselves have no history of conducting airdrops. However, as mentioned earlier, they are critically important as the "distribution source" for BCH and ETC, and as the foundational platform for OMG and countless other projects.
• Litecoin (LTC), Monacoin (MONA), Tezos (XTZ), etc.: No notable airdrop history was found for these assets either.
• Dai (DAI): As a stablecoin issued against crypto collateral, the concept of an airdrop does not apply due to its mechanism.
• Polygon (MATIC/POL): While there have been no airdrops of the native token itself, its ecosystem is extremely active and serves as a "hub" where airdrops from dApps built on it frequently occur.

The fact that these assets have no airdrop history shows that growth strategies differ fundamentally depending on an asset's history and purpose.

Through this analysis, it has become clear that airdrops have transformed from a passive windfall to a calculated reward given to active contributors. The final strategies for navigating this new trend and growing your assets are outlined below.

7.1. Risk Management: An Ironclad Framework to Protect Your Assets

Before pursuing opportunities, protecting your assets is the top priority. Adhere strictly to the following checklist.

1. Treat Official Channels as Absolute: Always verify information directly on the project's official website, official blog, and verified social media accounts. Be 100% suspicious of DMs and unofficial information on Telegram.
2. Never Give Out Your Private Key or Recovery Phrase: A legitimate airdrop will never ask for these. The moment they are requested, it's a scam.
3. If Asked to Send Funds, Block Immediately: If you are asked to send a small amount for fees or "verification" to receive an airdrop, it is 100% a scam.
4. Urgency Language is a Red Flag: Phrases like "limited time left" or "claim now" are common scam tactics to rush your judgment.
5. Use a Dedicated Wallet (Burner Wallet): For claiming airdrops, use a separate "disposable wallet" with only a small amount of funds to minimize potential losses in case of an incident.

7.2. Strategic Positioning: A Proactive Approach to Seize Future Rewards

The airdrops of today are something you must proactively qualify for. The following strategies are considered effective.

1. Active Ecosystem Participation: Staking on PoS chains like Cosmos (ATOM), voting on governance proposals, and participating early in a project's testnet are the most fundamental ways to become eligible for future airdrops.
2. Capital Commitment: Actions that involve locking up capital for a period, like Polkadot's crowdloans, come with opportunity costs but can yield significant returns. This requires a strategic investment decision on which project to allocate capital to.
3. Engagement within Ecosystems: By actually using various applications on active dApp ecosystem platforms like Filecoin (FVM) and Polygon, you may become eligible for future airdrops from those dApps.

7.3. Concluding Remarks

The JVCEA's Green List provides Japanese investors with access to assets that meet certain safety standards. However, even within this list of seemingly "safe" assets, the phenomenon of airdrops involves complex dynamics that contain both great opportunities and significant risks.

Airdrops are no longer a lucky break that falls from the sky. They are a calculated reward given only to investors who deeply understand each project's strategy and tokenomics, manage risks thoroughly, and actively contribute to the ecosystem. For Japanese investors to become winners in this new trend, a sophisticated, analytical approach—like the one provided in this article, which deciphers the structure and meaning behind individual events—will be indispensable.