TronWeekly

Crypto World News

You are here: Home / Archives for JVCEA

JVCEA

EOS Token Gains Whitelist Nod from JVCEA, Opening Doors To Japanese Markets

by

In a groundbreaking move toward global recognition, the EOS Network Foundation has revealed its remarkable achievement of coveted whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This game-changing development sets the stage for a giant leap forward, as the token now garners approval for trading against the Japanese yen on regulated cryptocurrency exchanges within Japan, also highlighted in a recent blog post by the EOS Network Foundation.

The market responded with excitement as word of this significant achievement spread, propelling the token to a remarkable 9% increase and a valuation of $0.6279. The approval from JVCEA played a pivotal role in causing this surge, paving the way for greater engagement with the Japanese community encompassing users, developers, and investors. EOS is gearing up for its introduction on BitTrade in mid-September, fortified by licenses approved by Japan’s Financial Services Agency (FSA) and rigorous regulations within the cryptocurrency domain.

Renowned for its rigorous and robust regulatory framework governing digital tokens, Japan’s standards are second to none. Under the vigilant oversight of the Payment Services Act, both JVCEA and FSA meticulously supervise and regulate crypto-asset providers, mandating an exhaustive pre-screening process for any novel digital assets. EOS Network’s successful clearance of these exacting criteria underlines the company’s unwavering commitment to transparency, security, and trailblazing innovation.

EOS Network’s Victory And Global Impact

The visionary Founder and CEO of the EOS Network Foundation, Yves La Rose, underscored the magnitude of this achievement, emphasizing that this milestone is not just a victory for the EOS Network but also a triumph for the broader blockchain and cryptocurrency landscape. La Rose eloquently outlined the plethora of new prospects this approval will usher in, especially within the dynamic gaming sector, where strengthened ties with businesses and developers are poised to reshape the industry.

Japan is excited as Upland, a vast virtual world constructed on the EOS platform, expands its reach to Tokyo. This expansion has propelled EOS into the spotlight, attracting attention and adoption. With an impressive history of five years of continuous mainnet operation and featuring the powerful Ethereum Virtual Machine, the token has firmly established itself within the upper echelons of the blockchain realm. This accomplishment has garnered the admiration of both enthusiasts and developers, solidifying its position among the blockchain elite.

This endorsement is a significant achievement for the token, bolstering its position in the East Asian markets and highlighting its consistent performance and dependability. Backed by a robust network of connections and a remarkable history of achievements, the token is well-positioned to leave a profound mark on this region. This accomplishment further solidifies its role as a prominent global force within the blockchain industry.

The approval’s impact reaches beyond EOS, resonating through Japan’s crypto landscape. The token joining regulated exchanges boosts crypto acceptance. Complying with strict rules, the token sets a model, increasing trust. As EOS excels, its success guides global blockchain innovation, influencing Japan and the world.

Related Reading:| Binance’s Japan Expansion: CZ Verifies August Debut

Coinbase Progresses in the Japanese Market, Joins the JVCEA

by

On 2nd March, JVCEA – the Japan Virtual Currency Exchange Association, the Japanese virtual currency self-regulatory board released admission information of three new companies who joined in as class 2 members of the association. As per the records, Tokyo Hash Co., Ltd., Digital Asset Markets Inc., and Coinbase Inc. are the new additions in the association. 

This is not the first time Coinbase has wanted to spread its influence in Japan. Back in 2019, talks on obtaining a license were “going well” with Japan’s Financial Services Authority. The US-based digital currency exchange said that Japan’s strict inspection of the crypto industry is an advantage. Indicating the company’s assurance in securing regulatory approval. 

Japan has progressive regulations around cryptocurrency exchanges. They are legal to trade and run. Due to the infamous Coincheck hack of $500M, Japan made it a point to tighten its security, narrowing pathways, allowing only secure, legitimate exchanges to participate.

Japan is seen as a digital money haven for its enormous pool of retail financial investors and light-contact government strategies, however administrative and regulatory supervision has expanded as of late in the midst of the progression of prominent crypto hacks. Coinbase’s enrolment was thoroughly watched over, as per reports as the company’s entry in the Japanese market is a green signal towards the development of international companies in Japan.

What does this mean for Coinbase?

The Japan Virtual Currency Exchange Association- JVCEA,  is a part of Article 87 of the Law Concerning Fund Settlement with Virtual Currency Exchangers as Members. It is a certified fund settlement business association with three types of membership classes. 

  1. Class 1: Cryptocurrency exchanges
  2. Class 2: Businesses applying for or planning to apply for virtual currency exchange registration 
  3. Class 3: TBD [Waitlisted]

This means Coinbase can now apply to become a regulated Japanese cryptocurrency exchange.

As part of the effort to accelerate the global adoption of cryptocurrency, Coinbase launched its office in Japan back in 2018. Under the leadership Nao Kitazawa [CEO at Coinbase, Japan] the new office was made to “lay the foundation for Japan’s crypto investors” and to access a range of Coinbase’s products. 

As observed, the class 2 membership with JVCEA will also be represented by Nao and his team. 

Coinbase has been eyeing the Japanese market and has been open about its plans for a while now. Back in 2016, Coinbase and Bank of Tokyo-Mitsubishi UFJ [BTMU] formed a strategic partnership to support “Coinbase’s long-term international expansion efforts”. BTMU is the largest bank in Japan and a subsidiary of the Mitsubishi UFJ Financial Group [MUFG].

Coinbase is not the only giant trying to make a mark in the Japanese crypto market, a couple of months ago the messaging giant LINE was granted a crypto exchange license in Japan. Some on-going famous regulated exchanges in Japan are Quoine, Bitflyer, Bitbank, SBI VC Trade, GMO Coin, Huobi Japan, Btcbox, Bitpoint Japan, and Tech Bureau. It was also reported that Japan has one of the largest cryptocurrency trader base of around 3.5 million active investors.