The EOS token has been whitelisted by Japan’s cryptocurrency regulator, paving the way for the token to be traded against the Japanese yen on regulated exchanges in the country.

The EOS Network Foundation (ENF), which currently supports EOS development, announced in an announcement to Cointelegraph that the token has been whitelisted by the Japan Virtual and Crypto Assets Exchange Association.

This means the token can be traded in yen on regulated exchanges. ENF also highlighted that trading of the token will be enabled on an exchange called BitTrade in September.

ENF CEO Yves La Rose told Cointelegraph in a statement that entering the Asian market is important for EOS. La Rose said the region has been an “important pillar” for EOS due to its large number of token holders. He added:

“We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly the leader in this space.”

The ENF CEO also said that Japan is a growing market with a well-established regulatory framework and a supportive government. Larose sees this as a “great opportunity” for countries like Japan to absorb market share because of the transparency and oversight it offers. The ENF CEO also noted that many game IPs in Japan are “ripe for tokenization.”

related: EOS Celebrates 5th Anniversary, Community Efforts to Rebuild

Meanwhile, Japanese Prime Minister Fumio Kishida recently reiterated Japan’s stance on Web3. In his July 25 keynote address, Kishida highlighted the potential of Web3 to spark social change and transform the Internet. The prime minister also described Web3 as part of a “new form of capitalism”.

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