In a surprising turn of events, the EOS Network has secured a rather exclusive position – full throttle endorsement from Japan’s cryptocurrency authority, which grants EOS token rights to be traded against the Japanese yen on the country’s strictly regulated cryptocurrency exchanges. This bridge becomes operative in September, set to land on the BitTrade exchange.
Yves La Rose, leading the EOS Network Foundation as CEO, highlighted the significance of this development, seeing Asia, and specifically Japan, as integral forces fortifying the strength of EOS. In a landscape known for stringent transparency and meticulous regulation, obtaining the nod from Japan is seen less as regulatory tethering and more as a golden opportunity to grow fond of boundaries, rules, and an attractive promise of stability.
A notably untapped reservoir in this Asian economic giant is the concept of game tokenization, a sector beaming with potential, which only intensifies the impact of EOS’s recent regulatory breakthrough.
The narrative of EOS’s resurgence is too compelling to sidestep. The start may have been rocky but it set the scene for an underdog resurgence story. Once an ICO that raised a grand $4 billion with returns that left many wanting more, EOS is today standing alongside the likes of bitcoin, ether, and the local favourite, monacoin, as tokens accepted and traded on Japanese exchanges.
A catalyst behind this regulatory triumph was the Japan Virtual and Crypto Asset Exchange Association, a body committed to championing investor safety through self-regulation. Such approval paints a bright picture for EOS; it’s a signpost heralding the fulcrum shifting to a promising regulated market entailing prospects of trading against the Japanese yen on regulated exchanges. With a reputation of sturdy crypto regulation, securing licenses in Japan is synonymous with traversing a tightrope making EOS’s breakthrough a testimony to its credibility.
In tandem with this progressive approval, the EOS ecosystem finds itself in the throws of a vibrant upswing as EOS Network Ventures commits to invest $20 million towards developing applications and fostering gaming products on the network, most likely giving a well-timed push to growth within the budding DeFi ecosystem. As per recent metrics from CoinGecko, EOS tokens are trading at a hearty $0.6309, a jump of nearly 9% since the announcement of their regulatory approval in Japan, a testament to its potential and market acceptability.
Source: Cryptonews
