Japan’s Virtual and Crypto Asset Exchange Association (JVCEA) has approved trading in the open-source blockchain EOS from mid-September.
The community has anticipated major developments from EOS since its infamous $4 billion Initial Coin Offering (ICO) in 2018. While some were disappointed with slow developments, the Japanese regulator has now finally granted it whitelist approval.
EOS Will Trade Against Japanese Yen on BitTrade
According to the official announcement, the Japanese Financial Service Authority (FSA) regulated crypto exchange BitTrade will allow the trading of the EOS token from mid-September. EOS is an open-source blockchain platform launched in 2018. While the project was much hyped during the launch, its popularity has gradually declined.
Click here to learn more about the EOS decentralized applications ecosystem.
EOS Network Foundation CEO Yves La Rose believes that the Japanese approval is a “monumental achievement” for EOS.
The development has also led to a 7.74% surge in the price of the EOS token. As of writing, it is trading at $0.6267, with a market capitalization of $701 million.
Lately, Japan has been embracing the Web3 industry. In May, the world’s largest crypto exchange, Binance, expanded into the Japanese market by launching a new platform compliant with the local regulatory laws.
The Japanese Prime Minister Fumio Kishida said in July:
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born.”
Local Japanese Web3 industry stakeholders believe that the crackdown in the US might help establish Japan as a crypto hub. A community member wrote on X (Twitter)
Great News for EOS. It was Binance listing few weeks ago and now, it is EOS. Japan regulator is demonstrating their seriousness about their intention to support the crypto sector.
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