The EOS Network Foundation has secured regulatory approval for the EOS token in Japan, announcing it will start trading against Yen on the BitTrade exchange come September.
Japan’s crypto regulator has whitelisted the EOS token, paving the way for the token to be traded against the Japanese yen on regulated exchanges.
The EOS Network Foundation (ENF), which presently supports the development of EOS, announced in a press release sent to Cointelegraph that the token has received whitelist approval from the Japanese Virtual and Crypto Asset Exchange Association.
This means the token can be traded on regulated exchanges against the yen. The ENF also emphasized that the BitTrade exchange will enable token trading in September.
ENF CEO Yves La Rose stated that EOS’s penetration of the Asian market is crucial.
According to La Rose, the region has always been an “important pillar” of EOS due to the many tokenholders residing there. He continued:
Japan is a developing market with an established regulatory framework and a supportive government, according to the CEO of ENF. La Rose believes there is an “incredible opportunity” for countries such as Japan to absorb market share, as it offers transparency and supervision.
The CEO of ENF also remarked that numerous gaming-related intellectual properties in Japan are “ripe for tokenization.”
Prime Minister Fumio Kishida of Japan has recently reaffirmed the country’s position on Web3. Kishida highlighted Web3’s potential to spark social change and transform the internet in a July 25 keynote address.
The prime minister also characterized Web3 as a “new form of capitalism.”