The EOS Network has secured whitelist approval from Japan’s crypto regulator allowing EOS token to be traded against the Japanese yen on the regulated crypto exchanges of Japan.
The EOS network announced in a blog post that the trading opportunity is slated to become operational in September, on the BitTrade exchange.
Yves La Rose, CEO of the EOS Network Foundation, expressed the significance of tapping into the Asian market, citing its role as a crucial pillar for EOS.
La Rose praised Japan’s regulatory framework and government support, positioning the country as an attractive market for blockchain endeavors.
He pointed out the potential for Japan to seize market share, given its transparent and well-regulated landscape. Additionally, the CEO noted the untapped potential for tokenizing gaming intellectual properties in the Japanese market.
Resurgence of EOS Network
The EOS Network’s resurgence tale is rapidly taking shape, especially considering its initial coin offering raised a substantial $4 billion with modest early results.
Now, EOS joins the ranks of select tokens, including bitcoin, ether, and monacoin, approved for trading on Japanese exchanges.
The Japan Virtual and Crypto Asset Exchange Association played a pivotal role in this regulatory green light, given its mission to safeguard investors through self-regulation.
The token’s approval translates to imminent trading against the Japanese yen on regulated cryptocurrency exchanges within Japan, commencing in mid-September via the BitTrade exchange.
EOS is now complying with Japan’s Payment Services Act. The Asian country is known to have robust crypto regulations in place and obtaining a license is not an easy task in the region.
As reported earlier, Japan also implemented the Travel Rule on crypto firms in June this year.
This regulatory approval is accompanied by a revitalized push for projects within the EOS ecosystem.
EOS Network Ventures pledged $20 million to foster applications and gaming products on the network, catalyzing growth in the fledgling DeFi ecosystem.
At the time of writing, EOS token is trading at $0.6309, up nearly 9% since the announcement of regulatory approval in Japan, as per CoinGecko data.