The financial services agency (FSA), the agency that regulates digital assets in Japan, It has whitelisted the OMG network’s native token for its commercialization.
According to an announcement of a GMO coin on July 22nd The Japanese stock exchange now offers the opportunity to trade the OMG Network (OMG) token. This is shown by the addition of the currency to the exchange, which was licensed by the FSA in its role as Japanese financial guardian OMG is the 27th approved virtual asset in the country. The last one before OMG was Huobi Token (HT) in April.
OMG Network, formerly OmiseGo, is an Ethereum-based platform that works to solve the scalability problem for the blockchain. The native token currently costs $ 1.73 and has risen 5.5% in the last 24 hours.
Updated rules for crypto assets in Japan
Cryptocurrencies have been exchanged since May 1 in the Asian nation had to comply with the regulations that were first set by the authorities in 2019.
Everyone Exchanges must manage their users ‘money separately from their own cash flows and use “trusted methods” such as offline purses to manage users’ money. BitMEX closed its services doors 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.