Hassan Maishera
The EOS Network Foundation announced on Wednesday, August 30th, that its token has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA).
In a press release shared with Cryptowisser, the ENF said this latest development is a significant one in EOS’ journey towards widespread adoption and accessibility. It also paves the way for EOS to be traded against the Japanese yen on regulated cryptocurrency exchanges in Japan.
The approval from the JVCEA signifies a substantial leap forward, granting the EOS Network greater exposure and accessibility to a broader range of Japanese end users, developers and investors.
The EOS token is set to start trading in mid-September on BitTrade, a premier cryptocurrency marketplace licensed and regulated by the Japanese Financial Services Agency (FSA).
Japan is one of the most highly regulated crypto markets in the world. Under the Payment Services Act, the JVCEA and FSA closely monitor and regulate crypto-asset providers, requiring a thorough pre-screening process for new digital assets. The EOS Network's compliance with these stringent regulations underscores its commitment to transparency, security, and innovation.
While commenting on this latest crypto news, Yves La Rose, Founder and CEO of the EOS Network Foundation stated that;
"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."
EOS is up by more than 8% in the last 24 hours and is currently trading at $0.6309 per coin.
The EOS network is already experiencing a surge in popularity and usage in the Japanese market following the successful expansion of Upland, built on EOS and one of the industry’s largest metaverses, to include Tokyo.
EOS’s recently launched Ethereum Virtual Machine also sees the network record unmatched performance and has established a strong reputation among blockchain enthusiasts and developers.
The approval by the Japanese authorities demonstrates the recognition of the EOS Network’s reliability and performance, paving the way for further growth and adoption in East Asian markets.
The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions, purpose-built for enabling optimal Web3 user and developer experiences.
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future.
