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The EOS Network has made major inroads into the Asian Markets after it received critical regulatory approval in Japan, potentially accelerating its adoption in the East.
The approval marks a significant step in EOS’s journey towards broader adoption and accessibility.
A Big Step For EOS
The EOS Network Foundation has announced that it has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA). The JVCEA is a self-regulated body of cryptocurrency exchanges operating in Japan to protect investors. The approval from the JVCEA means EOS has the green light to legally expand its operations into the Japanese markets. The approval will also allow the protocol’s EOS token to be traded on regulated cryptocurrency exchanges operating in Japan.
The approval is an important milestone and could serve as a catalyst for accelerating its approval in Japan and the East. The EOS Network Foundation made the announcement in a blog post, stating,
“The EOS Network Foundation is delighted to announce a significant development in EOS’ journey towards widespread adoption and accessibility. The EOS token has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This momentous achievement paves the way for EOS to be traded against the Japanese yen on regulated cryptocurrency exchanges in Japan.”
Crypto journalist WuBlockchain noted that EOS will begin trading on BitTrade, formerly known as Huobi Japan, sometime in mid-September.
“The EOS Network Foundation said the EOS token has been whitelisted by the Japan Virtual Asset Exchange Association (JVCEA). EOS will begin trading on BitTrade, the Japanese exchange formerly known as Huobi Japan, in mid-September.”
Dedicated To Transparency, Security, And Innovation
Japan’s regulatory framework for cryptocurrencies is known for its strictness and comprehensive regulatory oversight. Crypto asset providers in the country are monitored by Japan’s Financial Services Agency (FSA) and the JVCEA, which the Payment Services Act governs. New digital assets looking to enter the market have to undergo a rigorous pre-screening procedure. EOS’s compliance with regulations in Japan highlights the protocol’s dedication to transparency, security, and innovation. Speaking about the approval and its significance, Founder and CEO of the EOS Network, Yves La Rose, stated,
“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.”
The CEO also noted that Japan represented significant growth opportunities, particularly in the blockchain and gaming industry.
Will EOS See Higher Demand?
The announcement is excellent news for EOS token holders. Token holders are hoping that regulatory approval in Japan could lead to a change in sentiment towards the asset, and the token could see a surge in demand. While investor sentiment has been mixed over the past few weeks, the past three days have seen a considerable rise, suggesting that we could be seeing a shift in favor of more bullish expectations from the altcoin.
EOS has seen considerable traction in the Japanese markets, thanks primarily to Upland, one of the largest metaverses in the industry. The Upland metaverse is built on EOS and also includes Tokyo. With a solid reputation, EOS is quickly emerging as a preferred choice among developers and blockchain enthusiasts. The regulatory approval also comes at a time when there is a renewed push for grants to projects building on EOS.
In April, EOS Network Ventures committed $20 million towards developing applications and gaming products on the EOS Network. This helped in giving a significant boost to the protocol’s fledgling DeFi ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.