EOS secures regulatory approval in Japan, will trade against Yen

The (EOS $0.63) token has been granted whitelist approval by Japan’s crypto regulator, paving the way for the token to be traded against the Japanese yen on regulated exchanges in the country. 

In an announcement sent to Cointelegraph, the EOS Network Foundation (ENF), which currently supports the development of EOS, announced that the token has received whitelist approval from the Japanese Virtual and Crypto Asset Exchange Association.

This means the token can trade against the yen on regulated exchanges. The ENF also highlighted that trading for the token will be enabled in September at an exchange called BitTrade.

ENF CEO Yves La Rose told Cointelegraph in a statement that tapping into the Asian market is very important to EOS. According to La Rose, the region has always been an “important pillar” to EOS as it has a vast amount of tokenholders. He added:

We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly a leader in that space.

The ENF CEO also said that Japan is a growing market with an established regulatory framework and a supportive government. La Rose believes there’s an “incredible opportunity” for countries like Japan to absorb market share, as it offers clarity and oversight. The ENF CEO also noted that many gaming intellectual properties in Japan are “ripe for tokenization.”

Meanwhile, Japanese Prime Minister Fumio Kishida has recently reaffirmed the country’s stance regarding Web3. In a keynote address on July 25, Kishida highlighted Web3’s potential to kindle social change and transform the internet. The prime minister also described Web3 as part of the “new form of capitalism.“