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EOS Network's Token Receives Trading Approval in Japan, EOS Surges Nearly 10%
Under the Payment Services Act, the JVCEA and FSA, two financial bodies, closely monitor and regulate crypto-asset providers, requiring a thorough pre-screening process for new tokens.
Updated Aug 30, 2023, 7:04 a.m. Published Aug 30, 2023, 6:49 a.m.
The resurgence story of EOS Network, a blockchain that raised $4 billion in its initial coin offering (ICO) with little to show in its early years, is briskly shaping up as EOS tokens were approved for trading on Japanese exchanges, as per a release Wednesday.
EOS was granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA), a self-regulated body of crypto exchanges in the country that works towards protecting investors.
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The token can now traded against the Japanese yen on regulated cryptocurrency exchanges in Japan. It joins the ranks of a select few tokens, such as bitcoin, ether and monacoin, that are offered on the country's exchanges. EOS will begin trading in mid-September on BitTrade, a premier cryptocurrency marketplace licensed and regulated by the country's Financial Services Agency (FSA).
Under the Payment Services Act, the JVCEA and FSA closely monitor and regulate crypto-asset providers, requiring a thorough pre-screening process for new token listings.
"Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance," said Yves La Rose, CEO of the EOS Network Foundation, in a note to CoinDesk. "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."
These approvals come amid a renewed push for grants to projects building on EOS. In April, EOS Network Ventures had committed $20 million in capital to develop applications and gaming products on the network - a move that helped boost the network's fledging DeFi ecosystem at the time with a sudden rise in locked value for projects built on EOS.
EOS surged nearly 10% to 64 cents after news of the approval.
UPDATE (Aug. 30, 07:00 UTC): Adds token move in body and headline.
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