Japan’s financial control body white-lists GMO Network token
The Financial Services Agency (FSA), the body that regulates digital assets in Japan, has white-listed the native token of the GMO Network for marketing.
According to a July 22nd announcement by GMO Coin, the Japanese stock exchange now offers the possibility of trading with the OMG Network (OMG) token. The addition of the currency on the exchange, which is licensed by the FSA in its role as Japan’s financial watchdog, indicates that OMG is the 27th approved virtual asset in the country. The most recent before OMG was Huobi Token (HT) in April.
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OMG Network, formerly OmiseGo, is an Bitcoin Lifestyle platform that works on the scalability problem for the blockchain. Its native token is currently priced at USD 1.73, and it has gone up by 5.5% in the last 24 hours.
Updated regulations for cryptoactives in Japan
Since May 1, crypto currency exchanges in the Asian nation have had to comply with regulations first outlined by the authorities in 2019.
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All exchanges have to manage their users‘ money separately from their own cash flows and use „reliable methods“ such as offline purses to manage users‘ money. BitMEX closed its doors to services in Japan in April before these changes were implemented.
Cointelegraph reported on July 3 that the Bank of Japan is currently experimenting with the introduction of a digital yen.