EOS Gets Major Boost Following Whitelisting in Japan
The EOS token has obtained regulatory approval for trading in Japan, after Japan Virtual and Crypto Asset Exchange Association (JVCEA) whitelisted the token. The token is now tradeable on regulated exchanges in Japan against the Japanese Yen, the EOS Network Foundation (ENF) reports.
A monumental achievement for EOS
The EOS Network is a third-generation open-source blockchain network run by the EOS Virtual Machine (VM), a low-latency, high performance, and extendable WebAssembly engine allowing precise execution of ultra-low transaction fees.
The approval in Japan, in an environment with stringent regulatory checks, is welcome news for EOS, and signifies its underlying strong foundation despite running into headwinds soon after its historic $4 billion ICO raise.
In line with the provisions of Japan’s Payment Services Act, the JVCEA and the Financial Services Agency (FSA) conduct extensive pre-listing checks on all potential crypto-asset providers. There are just a handful of tokens available on exchanges in the country, and now EOS is one of them. Other tokens include Bitcoin, Ether, and Monacoin. This shows the significance of the approval. BitTrade, a leading cryptocurrency exchange backed by the country’s FSA, will launch EOS trading in mid-September.
The approval by Japan comes after the EOS community launched a new initiative to revive the floundering blockchain network. EOS Network Ventures invested $20 million in April to fund the creation of games and other applications for the platform. Later in the month of July, ENF announced that it would sue Block.one, the creator of EOS, for failing to invest $1 billion in the blockchain.
Japan has been embracing the Web3 industry, with the country’s Prime Minister Fumio Kishida expressing his support and optimism for web3 and blockchain industry. Web3 business insiders in Japan believe that the harsh regulatory environment in the United States could provide a springboard for Japan to establish itself as a global crypto powerhouse.