The EOS Network has received official approval from Japan’s cryptocurrency regulatory body, paving the way for EOS tokens to be exchanged for Japanese yen on licensed crypto platforms within Japan.
In an official blog post, the EOS network disclosed that this trading feature is scheduled to go live in September, initially launching on the BitTrade exchange.
Yves La Rose, the CEO of the EOS Network Foundation, emphasized the strategic importance of accessing the Asian market, highlighting its pivotal role in EOS’s growth trajectory.
La Rose commended Japan’s well-structured regulatory framework and the supportive stance of its government, positioning the nation as an alluring hub for blockchain initiatives.
He underlined Japan’s potential to capture a significant portion of the market, owing to its transparent and effectively regulated ecosystem. Additionally, the CEO shed light on the unexplored opportunities for tokenizing gaming-related intellectual properties within the Japanese market.
Revival of the EOS Network
The narrative of the EOS Network’s resurgence is swiftly unfolding, particularly in light of its impressive $4 billion initial coin offering and its humble beginnings that have yielded noteworthy early outcomes.
EOS Network Achieves Approval for Japanese Exchange Trading, Joining Esteemed Tokens like Bitcoin, Ether, and Monacoin
The Japan Virtual and Crypto Asset Exchange Association has been instrumental in securing regulatory approval, as it strives to uphold investor protection through self-regulation.
This endorsement paves the way for imminent EOS trading against the Japanese yen on regulated cryptocurrency exchanges in Japan. Trading is slated to commence in mid-September on the BitTrade exchange.
EOS has effectively aligned with Japan’s Payment Services Act, a testament to the country’s rigorous crypto regulatory framework where obtaining a license is a noteworthy accomplishment.
Japan’s implementation of the Travel Rule on crypto entities earlier this year further demonstrates its commitment to a well-regulated crypto landscape.
This regulatory milestone is accompanied by a revitalized drive to enhance projects within the EOS ecosystem.
EOS Network Ventures has committed $20 million to nurture applications and gaming innovations on the network, igniting growth in the emerging DeFi ecosystem.
As of the time of writing, the EOS token is trading at $0.6309, marking an almost 9% increase since the announcement of regulatory clearance in Japan, according to CoinGecko data.
