EOS Receives Regulatory Approval in Japan, Expanding into East Asian Markets

11:12 am
August 30, 2023

The EOS Network Foundation has received regulatory approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA) to include EOS cryptocurrency on its whitelist. This milestone allows EOS to be traded on authorized cryptocurrency exchanges against the yen in Japan. Starting mid-September, EOS will be available for trading on BitTrade, a reputable cryptocurrency exchange regulated by the Financial Services Agency (FSA) in Japan.

Strict Crypto Regulations in Japan

Japan is known for its rigorous regulatory framework for digital tokens. The Payment Services Act requires a thorough pre-screening process for new digital assets, and crypto-asset providers are closely monitored and regulated by the JVCEA and FSA. By adhering to these strict rules, the EOS Network demonstrates its commitment to transparency, security, and innovation.

The expansion of Upland, a metaverse built on EOS, to include Tokyo has already increased the popularity and usage of the network in the Japanese market. With its five years of uninterrupted mainnet operation and top-tier Ethereum Virtual Machine, EOS has gained a solid reputation among blockchain enthusiasts and developers for its exceptional performance.

This regulatory approval is a testament to the dependability and performance of the EOS Network, paving the way for further growth and acceptance in East Asian markets. With strong collaborations and a successful track record, EOS is well-positioned for continued progress in the region.

FAQ

What is the Japan Virtual and Crypto Asset Exchange Association (JVCEA)?

The Japan Virtual and Crypto Asset Exchange Association (JVCEA) is a self-regulatory organization established in Japan to oversee and regulate crypto-asset providers. It works in collaboration with the Financial Services Agency (FSA) to ensure compliance with regulatory standards in the cryptocurrency industry.

What is BitTrade?

BitTrade is a cryptocurrency exchange authorized and regulated by the Financial Services Agency (FSA) in Japan. It provides a platform for users to buy, sell, and trade various cryptocurrencies, including EOS.

What is the Payment Services Act in Japan?

The Payment Services Act is a law in Japan that regulates payment services, including cryptocurrency exchanges. It sets out specific requirements and procedures for the screening and registration of digital assets and ensures the protection of consumer interests in the crypto industry.

Why is EOS considered a top blockchain globally?

EOS is considered one of the top blockchains globally due to its five years of uninterrupted mainnet operation and its high-performance Ethereum Virtual Machine. It offers fast transaction speeds, scalability, and smart contract capabilities, making it popular among developers and blockchain enthusiasts.


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