EOS Rises 9% After Landmark Regulatory Approval in Japan
Date: 2023-08-30 Author: Karina Ziganova Categories: IN WORLD
On August 30, the EOS Network Foundation (ENF) announced that the EOS token has become a whitelisted member of the Japan Virtual and Crypto Asset Exchange Association. This allows it to be traded against the Japanese currency on regulated exchanges in an Asian country without restrictions on the size of the turnover.
By mid-September, the digital asset will begin trading on the specialized cryptocurrency market BitTrade. This market is licensed and regulated by the country's Financial Services Agency (FSA).
ENF stated that the approval of EOS in Japan proves its commitment to regulatory compliance and transparency. It also speaks to keeping up with innovation. The East Asian Republic is one of the few countries that enforces strict regulations on cryptocurrencies. Strong regulatory measures have been critical in protecting FTX Japan's client funds from the bankruptcy of the parent company.
Yves La Rose, Founder and CEO of ENF, announced his approval of the decision. “provides new prospects for EOS in the Japanese market, fostering closer ties with demanding companies and developers who are looking for reliable blockchain solutions in the gaming industry.
La Rose said that the main goal of the Fund is to stimulate innovation in the markets of East Asia and beyond.
After the emergence of the EOS community initiative aimed at revitalizing the blockchain network, support followed. Raising $4.1 billion from its first coin offering (ICO) has shown that it will be able to compete with Ethereum(ETH), which acts as the leading smart contract blockchain.
ENF has expressed its intention to file a lawsuit against Block.one, the developer of EOS, for failing to fulfill its promise to invest $1 billion in the blockchain.
Сovent EOS jumped by 9%
The EOS token is up 9% at the time of the announcement of the approval to $0.63108. However, this is well below the all-time high of $22.89 for 2018.
However, the bullish price movement can still be explained by the prevailing positive sentiment in the market. Bitcoin (BTC) and Ethereum are up more than 5% in 24 hours following Grayscale's recent success in its Securities and Exchange Commission of America litigation.
