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EOS gains JVCEA approval for token trading in Japan’s exchanges

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TL;DR Breakdown

  • EOS obtains regulatory approval for trading EOS tokens on Japanese exchanges.
  • EOS token holders can soon trade against the Japanese yen on a regulated platform.
  • CEO Yves La Rose highlights the significance of approval for EOS’s commitment.

Description

EOS, a well-established platform in the crypto industry, has recently achieved a significant milestone. The EOS Network Foundation (ENF) has successfully obtained regulatory approval to trade EOS tokens on regulated cryptocurrency exchanges in Japan. This approval was granted by the Japan Virtual and Crypto Asset Exchange Association (JVCEA), a regulatory body that ensures the safety … Read more

EOS, a well-established platform in the crypto industry, has recently achieved a significant milestone. The EOS Network Foundation (ENF) has successfully obtained regulatory approval to trade EOS tokens on regulated cryptocurrency exchanges in Japan. This approval was granted by the Japan Virtual and Crypto Asset Exchange Association (JVCEA), a regulatory body that ensures the safety of crypto trading in Japan. 

The approval means that EOS token holders will soon be able to trade against the Japanese yen on BitTrade, a digital asset marketplace regulated by Japan’s Financial Services Agency (FSA). The trading of these digital assets is expected to begin in mid-September of this year.

This achievement is a testament to EOS’s compliance with regulations and signals its commitment to transparency and security. Yves La Rose, the CEO of ENF, expressed his excitement about this development. He emphasized that this approval affirms EOS’s commitment to compliance and opens up new opportunities for EOS in the Japanese market. He believes this move will strengthen ties with businesses and developers in Japan, especially those in the gaming industry.

EOS’s commitment to the East Asian markets is evident in its actions. The platform has already made its presence felt in Japan through Upland, a digital universe built on the EOS blockchain. Upland expanded its reach to Tokyo and announced its entry into the Japanese market in July. This was possible through a partnership with ON1 FORCE, a prominent anime PFP project in the Web3 ecosystem. This partnership allowed users in the region to explore the EOS Network further.

In addition to its expansion efforts, EOS has been actively supporting projects built on its network. Earlier in April, EOS Network Ventures, the investment arm of the protocol, allocated $20 million to assist developers in creating apps and games on the network. This move significantly boosted the network’s decentralized finance (DeFi) ecosystem, leading to a surge in value for EOS-based projects.

In the same month, ENF entered into a strategic partnership with DWF Labs, a digital asset market maker and investment firm, with an investment of $60 million. A significant portion of this investment, around $45 million, was used to purchase the EOS token, while the remaining $15 million is earmarked to support other protocols within the EOS chain.

EOS recently celebrated its fifth anniversary in June 2023. This celebration came shortly after the official release of its EVM mainnet. Over the past five years, EOS has achieved remarkable feats, including processing over 100 million transactions daily.

EOS’s recent regulatory approval in Japan is a testament to its commitment to compliance, transparency, and security. With its robust operational history and strategic partnerships, EOS is poised to strengthen its position in the crypto industry, especially in the East Asian markets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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