EOS Network, the blockchain that raised $4 billion in its initial coin offering (ICO), has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA) and can now be traded against the Japanese yen on regulated cryptocurrency exchanges in Japan. This approval marks a monumental achievement for EOS, according to Yves La Rose, CEO of the EOS Network Foundation.
The JVCEA and Japan’s Financial Services Agency (FSA) closely monitor and regulate crypto-asset providers, requiring a thorough pre-screening process for new token listings. EOS will begin trading in mid-September on BitTrade, a premier cryptocurrency marketplace licensed and regulated by the FSA.
The news of the approval has been met with enthusiasm, as EOS surged nearly 10% to 64 cents after the announcement. This comes after EOS Network Ventures committed $20 million in capital to develop applications and gaming products on the network in April, helping to boost the network’s DeFi ecosystem.
Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance, said La Rose. 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, in particular within the gaming industry.