EOS Network gains ground in Japan; EOS surges despite market troubles
- EOS secures regulatory approval to operate in Japan.
- EOS price action makes a bullish attempt after the recent bottom range.
The EOS network achieved an important regulatory milestone that could potentially accelerate its adoption in the East. The network’s latest announcement revealed that the EOS network was now in a better position to penetrate the Japanese market.
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EOS announced that it secured regulatory approval to operate in Japan. The approval issued by Japan’s Virtual and Crypto Asset Exchange Association (JVCEA) means the network now has a green light to expand its adoption legally into the Japanese market. This will also allow the EOS cryptocurrency to be traded on regulated crypto exchanges in the country.
The EOS Network Foundation said the EOS token has been whitelisted by the Japan Virtual Asset Exchange Association (JVCEA). EOS will begin trading on BitTrade, the Japanese exchange formerly known as Huobi Japan, in mid-September. https://t.co/XLWqSzCNJO
— Wu Blockchain (@WuBlockchain) August 30, 2023
Japan has a reputation for having a strict financial regulatory framework. Hence the EOS approval in the country validates the network’s efforts towards compliance. EOS founder and CEO Yves La Rose had this to say about the development.
“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.”
The EOS CEO noted that Japan represented opportunities for growth, especially in the blockchain and gaming industries. Japan happens to be one of the leading countries in terms of technology. The development highlights the growing adoption of blockchain technology in Asia.
Will the greenlight for EOS lead to a higher demand for the altcoin?
The announcement represented good news for EOS holders. This was because the approval may pave the way for a sentiment change in favor of more demand for the cryptocurrency. Investor sentiment has been up and down in the last two weeks. However, it has been on the rise for the last three days, suggesting a shift in favor of bullish expectations.
However, the weighted sentiment was not the only observation supporting a bullish sentiment. The volume metric registered a noteworthy spike in the last two days. Interestingly, this outcome coincided with the surge in bullish momentum observed so far this week.
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The $0.62 press time price was up over 8% this week. This could indicate the start of the next bullish wave for EOS whose recent low range retest levels last recorded in 2017. In other words, the current recovery could indicate a perception that EOS might be heavily undervalued.
The latest bullish activity coupled with the blockchain network’s foray into Japan represents bullish news. However, the market is still not out of the woods yet.