- Japanese Trading Greenlights EOS Network Token, Triggering a 10% Surge in EOS Value
Japanese Trading Greenlights EOS Network Token, Triggering a 10% Surge in EOS Value
Operating within the framework of the Payment Services Act, the collaborative efforts of JVCEA (Japan Virtual and Crypto Asset Exchange Association) and FSA (Financial Services Agency) entail rigorous scrutiny and regulation of crypto-asset providers, necessitating a comprehensive assessment before incorporating new tokens.
The resurgence narrative of EOS Network, a blockchain that amassed a staggering $4 billion during its initial coin offering (ICO) while experiencing a relatively quiet start, is rapidly unfolding with the recent greenlighting of EOS tokens for trading on Japanese exchanges, a development unveiled on Wednesday.
The nod for EOS arrived via whitelist approval bestowed by the JVCEA, an autonomous entity of cryptocurrency exchanges in Japan dedicated to safeguarding investor interests.
This means that EOS tokens are now eligible for trading against the Japanese yen on authorized cryptocurrency exchanges within Japan. EOS joins an exclusive group of tokens that includes bitcoin, ether, and monacoin, which are listed on exchanges across the country. Scheduled for a mid-September debut, EOS trading will kick off on BitTrade, a prominent cryptocurrency marketplace duly licensed and regulated by Japan's FSA.
Leveraging the framework of the Payment Services Act, both JVCEA and FSA work in tandem to meticulously oversee and regulate crypto-asset providers, demanding a rigorous vetting process before new tokens can be listed.
"Receiving regulatory endorsement from JVCEA stands as a significant milestone for EOS, underscoring our unwavering commitment to adhering to compliance," remarked Yves La Rose, CEO of the EOS Network Foundation, in correspondence with CoinDesk. He further added, "This landmark approval opens up new horizons for EOS within the Japanese market, facilitating stronger ties with discerning businesses and developers who are seeking robust blockchain solutions, particularly within the gaming sector."
Amidst these approvals, a renewed drive for funding has emerged to support projects rooted in EOS. In April, EOS Network Ventures allocated $20 million in capital to foster the creation of applications and gaming products on the network. This move not only spurred growth within EOS's nascent DeFi ecosystem at the time but also led to a sudden surge in locked value for projects built upon EOS.
EOS's value surged by nearly 10%, reaching 64 cents following the announcement of this regulatory approval.