Popular altcoin EOS has reached a significant milestone in its journey by gaining “whitelist” approval from Japan’s crypto regulator, the Japanese Association of Virtual and Crypto Asset Exchanges. This caused a surge in the altcoin price. Here are the details…
Altcoin EOS gets approval from Japan
EOS, one of the popular and old altcoins, has come to the fore with an important development, as we have also reported as Kriptokoin.com. This development allows EOS to be traded against the Japanese yen on regulated exchanges within the country, marking a crucial step for the cryptocurrency’s expansion into the Asian market. The confirmation also positions EOS among a select few cryptocurrencies such as Bitcoin and Ethereum that can be traded on Japanese exchanges. Therefore, this development in Japan has increased the price of EOS by 10 percent. The change in the price of the coin is as follows:
The EOS Network Foundation (ENF), the driving force behind the development of EOS, celebrated this success with CEO Yves La Rose stressing the importance of entering the Asian market. La Rose emphasized that Asia has an important position in the world of blockchain-based gaming and GameFi, making EOS’s presence in the region a strategic move. The ENF CEO also explained that Asian gaming intellectual property is ripe for tokenization, pointing to a potential convergence of blockchain technology and gaming.
EOS trading to launch in September
The inclusion of EOS on Japanese exchanges will begin in September, with BitTrade, a well-regulated cryptocurrency exchange providing the platform for EOS trading against the yen. This success reflects EOS’ commitment to compliance and regulatory standards. Approval from the JVCEA underlines the cryptocurrency’s commitment to abiding by the regulatory framework. Japanese Prime Minister Fumio Kishida also voiced support for Web3’s transformative potential, describing it as a catalyst for social change and a new form of capitalism. This is in line with the growing interest in blockchain technology and its applications beyond traditional financial contexts.
EOS’s journey is not limited to regulatory approval; especially in the field of fostering connections with elite businesses and developers seeking robust Blockchain solutions in the gaming industry. The EOS Network Foundation has already earmarked $20 million for the development of apps and gaming products on the EOS network, marking a renewed focus on fostering innovation and growth in the network’s ecosystem. While EOS is gaining ground in the Japanese market, its whitelist approval serves as a stepping stone for wider adoption and integration across various industries. Cryptocurrency’s journey from a major initial coin offering (ICO) to its current position demonstrates its commitment to evolution, innovation and compliance.
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