EOS Secures Regulatory Approval in Japan, Accelerating East Asian Market Expansion
EOS has gained regulatory approval to trade its token against the Japanese yen on licensed cryptocurrency exchanges in Japan.
This milestone is a significant breakthrough for EOS, unlocking fresh opportunities for adoption and innovation in the East Asian market.
The EOS Network Foundation’s announcement reveals that the EOS token has been granted whitelist clearance by Japan’s Virtual and Crypto Asset Exchange Association (JVCEA), the industry body authorized and overseen by Japan’s Financial Services Agency (FSA).
Japan’s reputation for its rigorous and meticulous regulatory framework governing digital tokens is well-established, mandating a thorough pre-screening process for new digital assets.
EOS – Counting On a Comeback
EOS once shattered records with a colossal $4 billion raised during its monumental ICO. Originally hailed as the "Ethereum on Steroids," EOS promised a new era of unparalleled efficiency within the cryptocurrency landscape. Yet, as time progressed, challenges emerged. User engagement waned, the token’s valuation faltered, and a number of developers disengaged from the initiative.
EOS trading against the Japanese yen is scheduled to commence in mid-September on the BitTrade exchange. BitTrade is licensed and regulated by Japan’s FSA and is one of the few exchanges offering fiat-to-crypto trading pairs in Japan, facilitating the buying and selling of EOS with Japanese yen. This move is anticipated to amplify EOS’ exposure and accessibility to a broader spectrum of Japanese end-users, developers, and investors.
Yves La Rose, Founder and CEO of the EOS Network Foundation, says that gaining regulatory endorsement from the JVCEA "is a monumental feat for EOS, reaffirming our unwavering 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, particularly 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."
With a track record of five years of mainnet operation without any downtime, EOS EOS powers some of the most substantial metaverses, including Upland, which has recently expanded to encompass Tokyo. The imminent arrival of Antelope Leap 5.0, a significant consensus upgrade, coupled with the Japanese regulatory approval sees EOS primed for success within the region, as it hopes to return to frontrunner status in the global blockchain landscape. News of the Japanese approval has seen the EOS price bounce 7% in the last 24 hours.
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