The EOS Network Foundation has reported on the regulatory approval of the Japan Crypto Asset Exchange Association (JVCEA) to trade the EOS cryptocurrency against the yen on Japanese exchanges.
EOS’ whitelisting by the Japan Digital Asset Exchange Association, JVCEA, means the cryptocurrency can now be traded against the Japanese yen on regulated exchanges in the country.
This regulatory approval represents an important milestone for both the project and the crypto community at large.
Japan is one of the most robust and strict financial markets, with stringent regulations designed to ensure investor safety and stability.
However, Japan is also becoming one of the most innovation-friendly jurisdictions for emerging technologies, relying on the development and disruption of Web3 as a vehicle to accelerate and ensure its technological, industrial and social growth.
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EOS Expands to Asian Markets
The EOS Foundation welcomed the JVCEA whitelisting of its cryptocurrency as a momentous achievement in its journey towards mainstream adoption and accessibility. It highlighted that the clearance received from the Japanese regulator grants EOS and its blockchain network “greater exposure and accessibility to a broader range of Japanese end-users, developers and investors.”
EOS will debut on a regulated exchange in Japan in the middle of next month, the Foundation said in a statement.
Yves La Rose, Executive Director of the EOS Network Foundation, expressed his satisfaction with the achievement and highlighted the importance of the Asian market for the growth and consolidation of EOS as one of the most innovative projects in the crypto industry.
Rose also noted that the JVCEA approval is a monumental achievement in its commitment to regulatory compliance. “This landmark approval marks the beginning of new prospects for EOS in the Japanese market,” she said.
New opportunities in the gaming sector
Asia (especially Japan) has always been a pillar for the gaming industry. In this regard, La Rose pointed out that the regulatory approval of the JVCEA opens the doors to stronger connections and new opportunities within the gaming industry and the GameFi ecosystem.
Rose also noted that Japan has a favorable regulatory environment and a government committed to innovation, offering a unique opportunity for blockchain and Web3 industry projects to gain market share and unlock new possibilities for valuation and liquidity.
Japanese Prime Minister Fumio Kishida has repeatedly reiterated Japan's support for Web3. Most recently, he highlighted the potential of Web3 to drive social change and transform the Internet.
EOS gains 6,6% weekly
The price of EOS, the native cryptocurrency of the blockchain of the same name, has reacted bullishly to the JVCEA's regulatory approval.
At the time of writing this article, EOS is trading at around $ 0,63 dollars, registering a daily growth of 2,21% and a weekly growth of 6,60%.
Source: CoinMarketCap
Likewise, the trading volume with EOS has grown by more than 20% in the last few hours, surpassing $140 million in volume, currently. The market capitalization of EOS is close to $700 million, ranking it as the 49th most capitalized cryptocurrency on the market.
EOS is the native cryptocurrency of the EOS Network, which was launched in 2018 with the aim of facilitating the development of decentralized applications or DApps. EOS provides its developers with different tools and educational resources focused on simplifying the use and adoption of blockchain technology.
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