The EOS Network Foundation has achieved a significant milestone in its journey toward widespread adoption, as the EOS token secures whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This key development signals a major step forward, allowing EOS to be traded against the Japanese yen on regulated cryptocurrency exchanges in Japan.
EOS Token Jumps 9% After The News
The news has made the EOS token jump 9% and now trading at $0.6279. This JVCEA clearance is critical because it broadens EOS’s reach and accessibility to a larger audience of Japanese end users, developers, and investors.
Scheduled to begin trading in mid-September, EOS will make its debut on BitTrade, a respected cryptocurrency marketplace that holds licenses and regulations from Japan’s Financial Services Agency (FSA).
Japan’s stringent regulatory framework governing digital tokens is well-known for its thoroughness and strength. Governed by the Payment Services Act, the JVCEA and FSA meticulously oversee and regulate crypto-asset providers, requiring meticulous pre-screening process for new digital assets. The fact that EOS Network has met these stringent criteria demonstrates the company’s commitment to transparency, security, and innovation.
Yves La Rose, Founder and CEO of the EOS Network Foundation, emphasized the significance of this achievement, stating, “Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance.”
La Rose further highlighted the new opportunities that this approval opens up within the Japanese market, particularly within the gaming industry, as stronger connections with businesses and developers are forged.
EOS is already witnessing a surge in popularity and adoption in Japan, fueled by the successful expansion of Upland—a massive metaverse built on the EOS platform—to include Tokyo. With a remarkable track record of five years of mainnet operation without any downtime and a high-performance Ethereum Virtual Machine, EOS has solidified its reputation among both blockchain enthusiasts and developers.
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What Does This Mean For Japan’s Crypto Sector?
This endorsement promotes the EOS Network’s growth and adoption in East Asian markets, while also showing its dependability and performance. Because of established contacts and a good track record, EOS can leave a lasting effect in the area and strengthen its position as one of the top worldwide blockchains.
This permission has an impact on the entire Japanese cryptocurrency market because EOS’s entry into regulated exchanges increases the validity and acceptability of cryptocurrencies there. The EOS Network’s adherence to strict laws provides a good example for the sector, encouraging greater confidence and involvement from both investors and consumers. As EOS continues to grow, its success story acts as a guide for blockchain innovation both inside and outside of Japan.
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