April 19, 2024
EOS Network's Resurgence: Japanese Regulators Approve EOS Tokens for Trading
Policy & Regulation

EOS Network’s Resurgence: Japanese Regulators Approve EOS Tokens for Trading

Following the approval of EOS tokens for trade on Japanese exchanges on Wednesday, the resurrection tale of the EOS Network, a blockchain that raised $4 billion in its initial coin offering (ICO) but had nothing to show for it in its early years, is quickly taking shape.

The Japan Virtual and Crypto Asset Exchange Association (JVCEA), a self-regulatory organization of crypto exchanges in the nation that seeks to protect investors, has approved EOS for inclusion on its whitelist.

On authorized cryptocurrency exchanges in Japan, the token can now be traded against the Japanese yen. It joins a small group of tokens that are available on local markets, including bitcoin, ether, and monacoin. Midway through September, EOS will start trading on BitTrade, a renowned cryptocurrency exchange authorized and governed by the nation’s Financial Services Agency (FSA).

The Payment Services Act mandates a detailed pre-screening procedure for new token listings, and the JVCEA and FSA closely supervise and govern crypto-asset providers.

“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,” stated Yves La Rose, CEO of the EOS Network Foundation.

These approvals coincide with a renewed drive for funding for EOS-based projects. EOS Network Ventures contributed $20 million in funding in April to create games and applications on the network; this action boosted the network’s developing DeFi ecosystem at the time by causing a sharp increase in locked value for EOS-based projects.

As soon as the decision was announced, EOS rose by about 10% to 64 cents.

Image: Freepik

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