The EOS Network Foundation (ENF), the new entity entrusted by the EOS community to develop its core blockchain software, said its EOS token has secured whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). The move opens the door for EOS to be traded against the Japanese yen on regulated cryptocurrency exchanges.
This approval provides the EOS Network it with increased visibility and accessibility to a wider audience of Japanese users, developers, and investors. Starting in mid-September, EOS will be available for trading on BitTrade, a local cryptocurrency platform that holds licenses and regulatory oversight from Japan’s Financial Services Agency (FSA).
EOS, which initially raised $4 billion in its ICO but had faced challenges in its early years, is now gaining traction. The recent whitelist approval by the JVCEA marks a turning point for the blockchain. This self-regulated association of crypto exchanges in Japan focuses on safeguarding investors and ensuring responsible operations within the industry.
With this approval, EOS joins the ranks of a select group of tokens, including bitcoin, ether, and monacoin, that are permitted for trading on Japanese exchanges. The country’s Payment Services Act oversees the activities of crypto-asset providers, with the JVCEA and FSA closely monitoring and regulating the sector. As part of this framework, new digital assets undergo a thorough pre-screening process before being listed.
“Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance. This landmark approval ushers in new prospects for EOS in the Japanese market, fostering stronger connections with discerning businesses and developers seeking robust blockchain solutions, in particular within the gaming industry. We are poised for the opportunities that lie ahead and are dedicated to driving adoption and innovation across East Asian markets and beyond,” says Yves La Rose, Founder and CEO of the EOS Network Foundation.
The development comes nearly three years after Block.one decided to pivot away from EOSIO blockchain, saying it is no place for dApps with commercial-scale aspirations. At the time, EOS’ network was under pressure and entered congestion mode, which limited the number of transactions a user could submit.
The initial set of EOS development included the launch of Antelope such as API improvements, history pruning, and enhanced cryptographic functions to improve the performance for operating EVM runtimes within Antelope smart contracts. Several critical RFPs have been proposed by the Antelope Coalition for enhancing the protocol including proposals for faster finality, SDKs, and P2P code improvements.
In addition, the coalition is backing UX Network to deploy its Trustless Inter-Blockchain Communication (IBC) system that will enable Trustless IBC between participating Antelope-based blockchains.
While technical improvements will be the initial focus, attention will then turn to building out the broader Antelope ecosystem. Its open framework can be utilized by anyone who wishes to create dApps and web3 services that are anchored by a low-fee, high throughput blockchain.
