By
Bhushan Akolkar
April 22nd, 2024
With a robust operational history and an efficient Ethereum Virtual Machine launched earlier this year in April, EOS has established itself as a trusted platform for developers in the crypto industry.
The EOS Network Foundation (ENF) has secured regulatory approval for the trading of EOS tokens on regulated cryptocurrency exchanges in Japan. The Japan Virtual and Crypto Asset Exchange Association (JVCEA), the regulatory body responsible for ensuring safety in crypto trading, granted the whitelist approval, marking a pivotal step for EOS adoption.
According to an official press release dated August 30, EOS token holders can soon engage in trading against the Japanese yen on BitTrade, a reputable digital asset marketplace regulated by Japan’s Financial Services Agency (FSA). Trading of the digital assets is set to commence this year in mid-September.
Monumental Achievement for EOS Foundation and Its Tokens
The EOS whitelist approval is noteworthy due to Japan’s robust regulatory framework for crypto assets. The JVCEA, in coordination with the FSA, maintains strict oversight to ensure compliance with the Payment Services Act. EOS’s successful clearance signals its dedication to adhering to these stringent regulations and ensuring transparency and security.
Yves La Rose, the chief executive officer at ENF, described the approval as a monumental achievement for the company, noting that the move brings new prospects for EOS to the Japanese market.
“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, particularly within the gaming industry,” he said.
He further stated that the EOS Foundation is committed to propelling adoption and innovation across the East Asian markets and beyond.
EOS Already Established Presence in Japan Through Upland
With a robust operational history and an efficient Ethereum Virtual Machine launched earlier this year in April, EOS has established itself as a trusted platform for developers in the crypto industry.
The protocol has already gained traction in Japan through projects like Upland, a digital universe built on the EOS blockchain that expanded to encompass Tokyo.
Upland announced its entry to the Japanese market in July through a partnership with ON1 FORCE, the original bluechip anime PFP project in the Web3 ecosystem, giving users in the region an opportunity to explore the EOS Network.
Meanwhile, the EOS token approval comes amidst a renewed drive to provide grants for projects that are building on the EOS Network.
Earlier this year, in April, EOS Network Ventures, the investment arm of the protocol, allocated $20 million to support developers building apps and games on the network. The move boosted the network’s growing decentralized finance (DeFi) ecosystem, causing a sudden rise in locked value for EOS-built projects.
That same month, ENF signed a strategic partnership with DWF Labs, a digital asset market maker and investment firm. The deal was sealed with a $60 million investment.
Part of the funds, approximately $45 million, were used to purchase the EOS token. The remaining $15 million will be used to support other protocols living in the EOS chain.
The protocol recently celebrated its fifth anniversary in June 2023, shortly after the official release of its EVM mainnet. While counting its achievements over five years, EOS said it executes more than 100 million transactions daily.