EOS Token Gets Green Light for Trading Against Yen in Japan

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Key Takeaways

  • EOS received whitelist approval by the Japan Virtual and Crypto Asset Exchange Association
  • EOS trading against the yen will be facilitated on BitTrade

In a noteworthy development, the EOS token has gained approval from Japan’s crypto regulatory body for trading against the Japanese yen on regulated exchanges within the nation. This regulatory nod is significant, as it places EOS among a select group of tokens, such as bitcoin, ether, and monacoin, that are permitted for trading on Japanese cryptocurrency platforms.

The EOS Network Foundation (ENF), which plays a key role in the advancement of EOS, proudly announced this achievement. The approval was granted by the Japanese Virtual and Crypto Asset Exchange Association, signifying a major stride for EOS in the Japanese market.

Scheduled to kick off in September, EOS trading against the yen will be facilitated on BitTrade, a distinguished cryptocurrency exchange that operates under the authorization and supervision of Japan’s Financial Services Agency (FSA).

ENF’s CEO underscored the positivity surrounding the Japanese market, highlighting the country’s well-established regulatory framework and supportive governmental stance. The CEO further emphasized that Japan’s emphasis on clarity and oversight presents an “incredible opportunity” for countries aiming to capture a share of the market.

Additionally, the CEO hinted at the potential of tokenization for Japan’s gaming intellectual properties, indicating a promising avenue beyond mere trading.

This development aligns harmoniously with the recent acknowledgment by Japanese Prime Minister Fumio Kishida of Web3’s potential to drive substantial societal change and revolutionize the digital landscape. Kishida characterizes Web3 as an integral facet of the “new form of capitalism,” reinforcing Japan’s commitment to embracing innovative technologies.

This favorable regulatory decision comes at a time of heightened momentum for projects within the EOS network. EOS Network Ventures had earlier committed a substantial sum of $20 million to foster the growth of applications and gaming products on the EOS network. This initiative notably bolstered the burgeoning DeFi ecosystem within EOS, leading to a palpable surge in locked value for projects operating within the network.

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Saniya Raahath
Saniya Raahath

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