The addition of the OMG Network token on Japanese crypto exchange GMO Coin indicates that the digital asset has been approved by regulators.
The body for regulating digital assets in Japan, the Financial Services Agency (FSA), has whitelisted OMG Network’s native token for trading.
According to a July 22 announcement from GMO Coin, the Japanese crypto exchange is now offering trading for the OMG Network token (OMG). The addition of the coin on the exchange, licensed by the FSA in its role as Japan’s financial watchdog, indicates that OMG is the 27th virtual asset to be approved in the country. The most recent one before OMG to be whitelisted by the FSA was Huobi Token (HT) in April.
OMG Network, formerly OmiseGo, is an Ethereum-based platform working on solving the scalability problem for the blockchain. Its native token is currently priced at $1.73, having risen 5.5% in the last 24 hours.
Updated regulations for crypto assets in Japan
Since May 1, cryptocurrency exchanges in the Asian nation have had to comply with regulations first outlined by authorities in 2019.
All exchanges have to manage their users’ money separately from their own cash flows, and use “reliable methods” like cold wallets to manage users’ money. BitMEX closed its doors on services in Japan in April before these changes were put into effect.
Cointelegraph reported on July 3 that the Bank of Japan is currently experimenting with introducing a digital yen.