The EOS Network Foundation has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA), allowing EOS to be traded on authorized cryptocurrency exchanges against the yen in Japan. This regulatory approval represents a significant milestone for EOS, providing greater exposure and accessibility to Japanese end users, developers, and investors.
In mid-September, EOS will begin trading on BitTrade, a well-known cryptocurrency exchange that is authorized and regulated by Japan’s Financial Services Agency (FSA). This move further solidifies EOS’s presence in the Japanese market.
Strict Crypto Regulations in Japan
Japan is known for its meticulous and stringent regulatory framework for digital tokens. The Payment Services Act mandates a thorough pre-screening process for new digital assets, and the JVCEA and FSA closely monitor and regulate crypto-asset providers. The fact that EOS has adhered to these strict rules demonstrates its commitment to security, openness, and innovation.
EOS has already gained popularity and usage in the Japanese market through the successful expansion of Upland, a metaverse built on the EOS platform. With five years of uninterrupted mainnet operation and a top-tier Ethereum Virtual Machine, EOS has established a solid reputation among blockchain enthusiasts and developers.
This regulatory approval from the JVCEA not only validates the dependability and performance of the EOS Network but also paves the way for further development and acceptance in East Asian markets. With strong collaborations and a successful track record, EOS is well-positioned for continued progress in the region.
1. What is the EOS Network?
The EOS Network is a blockchain platform that is designed to support decentralized applications (DApps). It aims to provide scalable and flexible infrastructure for developers to build and deploy DApps.
2. What is whitelist approval?
Whitelist approval is a process where a cryptocurrency or blockchain project is vetted and approved by a regulatory authority or association, allowing it to be traded on authorized cryptocurrency exchanges in a specific jurisdiction.
3. What is the Japan Virtual and Crypto Asset Exchange Association (JVCEA)?
The JVCEA is a self-regulatory organization authorized by the Japanese government to oversee and regulate cryptocurrency exchanges and other crypto-asset related businesses in Japan.
4. What is BitTrade?
BitTrade is a cryptocurrency exchange in Japan that is authorized and regulated by the Financial Services Agency (FSA). It provides a platform for trading various cryptocurrencies.
5. How does the EOS Network ensure security?
The EOS Network uses a consensus mechanism called delegated proof-of-stake (DPoS) to secure the blockchain. DPoS relies on a small number of elected block producers who are responsible for validating transactions and securing the network.
6. What is Upland?
Upland is a metaverse built on the EOS platform where users can buy, sell, and trade virtual properties. It allows users to explore virtual versions of real-world cities and interact with other players.