The EOS Network Foundation is fully stepping into Japan’s market with regulatory approval.
The EOS Network Foundation announced that the Japan Virtual and Crypto Asset Exchange Association (JVCEA) whitelisted the EOS token.
The company issued a statement on August 30th, confirming that EOS can be traded “against the Japanese yen on regulated cryptocurrency exchanges in Japan.”
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According to the statement, JVCEA’s authorization ensured that the EOS Network could better service Japanese users, developers and investors. The trading will begin in mid-September on BitTrade, a cryptocurrency marketplace that is licensed and regulated by Japan’s Financial Services Agency (FSA).
The EOS token is based on the ERC-20 standard and can be used in the EOS ecosystem as a governance token. There are more than 1bn tokens in circulating supply, with a market cap of $689m.
The company claimed it went through a thorough pre-screening process conducted by the country’s regulatory agencies and reaffirmed its commitment to transparency, innovation and security.
Founder and CEO of the EOS Network Foundation, Yves La Rose, stated:
Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance.
The CEO also mentioned the company’s goal to possibly expand across East Asian markets and beyond.
The statement also explained that the regulatory approval “demonstrates the recognition of the EOS Network’s reliability and performance.”
The EOS Network already had a headstart in establishing its presence in Japan. On August 17th, Tokyo was introduced as an expansion of Upland, a metaverse built on EOS, for which the network received a “surge in popularity and usage in the Japanese market.”
In April, the EOS Network Foundation announced the launch of the EOS EVM mainnet that should improve the interoperability between Ethereum and EOS blockchain ecosystems.
