The EOS Network Foundation recently announced earning regulatory approval in Japan. The EOS token is now whitelisted by the JVCEA (Japan Virtual and Crypto Asset Exchange Association).
The achievement allows EOS to become a tradeable option against the Yen across regulated crypto exchanges in Japan. This authorization signifies a massive step for EOS, allowing the network huge accessibility and exposure.
The approval came right in time, as the EOS Network has been trying to expand its East Asian network. With the license, the platform can offer its services to Japanese investors, end users, and developers.
Japanese users can start trading the EOS token around mid-September initially with BitTrade. The crypto marketplace is regulated and licensed by Japan’s FSA (Financial Services Agency). The agency is renowned for governing virtual assets with rigor and robustness.
According to Japan’s Payment Services Act, the FSA and JVCEA closely regulate and overview crypto asset providers. The authorities have an extensive pre-screening procedure for new assets. Thus, EOS’ ability to pass the regulations showcases its innovation, transparency, and security.
Yves La Rose, the CEO and Founder of the EOS Network, also talked about the development. According to La Rose, gaining regulatory approval in Japan marks a massive achievement for EOS. It reaffirms the platform’s commitment to compliance.
With the approval, EOS can foster stronger connections with developers and businesses in the blockchain gaming circle. EOS is looking forward to opportunities to show its dedication to driving innovation and adoption across East Asia and beyond, added the CEO.
As soon as the announcement was made, EOS started creating more buzz in the market. The fact that EOS has no downtime in its five years of operation shows how stable the network is. That is why the approval not only helps EOS but Japanese blockchain enthusiasts as well.