EOS rallies 9% following landmark regulatory approval in Japan
The EOS token reacted positively to the news of the approval, rising by 9%.
EOS Network Foundation (ENF) revealed on Aug. 30 that the EOS (EOS) token has been granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA), allowing it to be traded against the Japanese Yen on regulated cryptocurrency exchanges in the Asian country.
Per the statement, the digital asset will begin trading by mid-September on BitTrade, a premier cryptocurrency marketplace licensed and regulated by the country’s Financial Services Agency (FSA).
ENF said EOS approval in Japan indicates its commitment to being regulatory compliant, transparent, secure, and innovative. The East Asian country is one of the few countries with strict crypto regulations. Its stringent regulatory measures were crucial in safeguarding FTX Japan customers’ funds from the parent company’s bankruptcy.
Yves La Rose, the founder and CEO of ENF, said the approval
“ushers in new prospects for EOS in the Japanese market, fostering stronger connections with discerning businesses and developers seeking robust blockchain solutions, particularly within the gaming industry.”
La Rose added that the Foundation was dedicated to driving adoption and innovation across East Asian markets and beyond.
The approval follows a recent initiative from the EOS community to revitalize the struggling blockchain network. It raised about $4.1 billion from its initial coin offering (ICO) and was expected to rival Ethereum (ETH) as a top smart contract blockchain.
In July, ENF announced plans to file a lawsuit against Block.one, the developer behind EOS, for not fulfilling its commitment to invest $1 billion in the blockchain.
EOS jump 9%
Data from CryptoSlate shows that the EOS token reacted positively to the news of the approval, rising by 9% to $0.63108 as of press time. However, this is miles below its all-time high of $22.89 in 2018.
Meanwhile, the bullish price action can also be credited to the prevailing positive market sentiment. In the past 24 hours, Bitcoin (BTC) and Ethereum have surged by over 5%, following Grayscale’s recent success in its legal battle with the U.S. Securities and Exchange Commission (SEC).