EOS has received regulatory sanction from the Japan Virtual and Crypto Asset Exchange Association, Trading with Japanese Yen Begins.
The EOS token has received whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA), marking a significant milestone in the EOS Network Foundation’s voyage toward widespread adoption.
This significant development represents a considerable advancement, enabling EOS to be traded against the Japanese yen on regulated cryptocurrency exchanges in Japan.
EOS Token Gains 9% Following The News
The news has caused the EOS token price by 9%, to $0.6279. This JVCEA approval is crucial as it expands EOS’s reach and accessibility to a larger audience of Japanese end users, developers, and investors.
EOS will debut on BitTrade, a reputable cryptocurrency exchange with licenses and regulations from Japan’s Financial Services Agency (FSA), in mid-September.
The comprehensive and robust nature of Japan’s regulatory framework governing digital tokens is well-known. Under the Payment Services Act, the JVCEA and FSA rigorously supervise and regulate crypto-asset providers, mandating a stringent pre-screening procedure for new digital assets.
EOS Network has met these rigorous standards, demonstrating the company’s dedication to openness, security, and innovation. Yves La Rose, founder and chief executive officer of the EOS Network Foundation, emphasized the significance of this accomplishment, stating;
“Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance.”
La Rose elaborated on this approval’s new opportunities in the Japanese market, specifically in the gaming industry, as deeper connections are forged between businesses and developers.
The successful expansion of Upland, a massive metaverse constructed on the EOS platform, to Tokyo, has already fueled an increase in EOS’s popularity and adoption in Japan.
With five years of uninterrupted mainnet operation and a high-performance Ethereum Virtual Machine, EOS has solidified its reputation among blockchain enthusiasts and developers.
What Does This Imply For Japan’s Cryptocurrency Industry?
This endorsement promotes the growth and adoption of the EOS Network in East Asian markets, demonstrating its dependability and performance. Due to its established relationships and solid track record, EOS can leave an enduring impact in the region and strengthen its position as one of the leading blockchains globally.
This authorization affects the entire Japanese cryptocurrency market, as EOS’s entry into regulated exchanges enhances the legitimacy and acceptability of cryptocurrencies in Japan.
The EOS Network’s adherence to rigorous laws serves as a model for the industry, fostering greater investor and consumer confidence and participation. As EOS continues to expand, its success tale serves as a model for blockchain innovation in Japan and abroad.
