The EOS community is filled with bullish excitement as the EOS Network has received regulatory approval in Japan. This monumental move not only legitimizes the EOS platform in one of the world’s most technologically advanced nations but also enables the trading of EOS tokens against the Japanese Yen.
JVCEA Grants EOS A Whitelist Approval
The revival narrative of the EOS Network is rapidly unfolding. Initially raising $4 billion in its ICO but struggling to deliver on early promises, EOS has now received a significant boost. The token was officially approved for trading on Japanese exchanges, according to an announcement made on Wednesday.
The Japan Virtual and Crypto Asset Exchange Association (JVCEA), a self-regulatory organization focused on investor protection, has granted EOS whitelist status. This allows the token to be traded against the Japanese yen on Japan’s regulated cryptocurrency platforms. EOS joins an exclusive list of tokens, including Bitcoin, Ether, and Monacoin, available on Japanese exchanges.
Starting in mid-September, EOS will be listed on BitTrade, a top-tier crypto exchange that operates under the regulatory oversight of Japan’s Financial Services Agency (FSA).
The rigorous regulatory environment in Japan for digital assets is renowned for its comprehensive and stringent standards. Governed by the Payment Services Act, both the JVCEA and FSA maintain a vigilant oversight of cryptocurrency service providers.
They mandate an exhaustive vetting procedure for the introduction of new digital currencies. The EOS Network’s successful navigation through these rigorous regulations highlights its dedication to transparency, security, and technological advancement.
ENF CEO Yves La Rose said that breaking into the Asian market holds significant importance for EOS. In La Rose’s view, the region has consistently served as a “crucial cornerstone” for EOS, given its large base of token holders.
Japan Takes Strict Rules On Crypto
The EOS Network is already experiencing a rise in both popularity and utilization within the Japanese market, due to the successful expansion of Upland. Built on the EOS platform, Upland is among the industry’s most expansive metaverses and has recently extended its reach to include Tokyo.
With an impressive five-year mainnet operational history devoid of any downtime, and a state-of-the-art Ethereum Virtual Machine offering unparalleled performance, EOS has garnered a solid reputation among blockchain aficionados and developers alike.
This recent approval showcases the EOS Network’s dependability and high performance, setting the stage for increased growth and acceptance in the East Asian markets.
Yves La Rose said, “Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance. This landmark approval ushers in new prospects for EOS in the Japanese market, fostering stronger connections with discerning businesses and developers seeking robust blockchain solutions, in particular within the gaming industry. We are poised for the opportunities that lie ahead and are dedicated to driving adoption and innovation across East Asian markets and beyond.”
He further added, “We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly a leader in that space.”
Japan, a hub for technological innovation, is intensifying its focus on the cryptocurrency sector. The Japanese government has resolved to enact more stringent regulations for crypto transactions in alignment with international standards.
This decision was reached after a thorough examination of existing laws, prompted by a December 2022 review by the Financial Action Task Force (FATF), which deemed current measures inadequate.
This initiative is part of Japan’s broader strategy to combat money laundering within the crypto industry. The tightened regulations are expected to not only enhance transparency in global cryptocurrency transactions but also bolster Japan’s standing in the crypto arena, instilling greater confidence among investors and users.
