The underdog story of EOS Network, a blockchain that secured a jaw-dropping $4 billion during its initial coin offering (ICO) but had little success in the early stages, is witnessing a dramatic turnaround. As per recent disclosures, Japan’s official regulatory body for crypto exchanges, the Japan Virtual and Crypto Asset Exchange Association, or JVCEA, has granted EOS tokens white-list approval.
For crypto aficionados, Japan has always been a robust market. Its importance is underscored by the fact that it is one among a limited number of tokens, alongside heavyweight cryptocurrencies like Bitcoin, Ether and Monacoin. The token’s new found prominence will allow it to stand toe to toe with these dominant cryptocurrencies – an opportunity that sees it being traded against the Japanese yen on the island nation’s regulated crypto exchanges.
EOS will be launched in mid-September on the prime cryptocurrency marketplace, BitTrade, revered for its licensing and regulation under Japan’s Financial Services Agency (FSA). Regulatory corridors echo the shuffling of papers as JVCEA, along with FSA, make their routine rounds of monitoring and regulating crypto-asset providers, obligating a thorough pre-screening for new token additions.
Yves La Rose, CEO of the EOS Network Foundation, equated securing the regulatory nod from JVCEA to a crowning achievement that signifies their unwavering commitment to conformity. He further remarked on the first-rate approval opening up new opportunities for EOS in the Japanese market. The focus lies primarily on establishing better ties with conscious businesses and developers inclined towards resilient blockchain solutions, especially within the gaming industry.
Interestingly, this approval arrives on the heels of a revived movement to provide grants to projects constructed on the EOS. In a strategic drive, EOS Network Ventures announced in April, the allocation of $20 million in capital to encourage application and gaming product development on the network. This move is speculated to have been a significant spur in aiding the network’s budding DeFi ecosystem. The sudden increase in locked value for projects developed on the EOS was noteworthy. The Japanese market certainly holds promise, but will it bring the monumental change EOS is hoping for? Only time will tell.