It is likely that the OMG token has gotten the green light from financial regulators in Japan because it is now listed on GMO Coin crypto exchange.
The Financial Services Agency (FSA) of Japan has said it is okay to trade the OMG token.
GMO Coin announced yesterday, July 22, that users can now trade with the OMG Network token. Having been listed on the exchange, it only points to the fact that OMG is another virtual asset approved in Japan. There are 26 other virtual assets like this that have already been approved. OMG is the 27th to be approved while the Huobi Token that was approved in April was the 26th.
OMG Network used to be called OmiseGo. It is a platform from Ethereum that was created to help blockchain resolve its challenge with scalability. The OMG token rose by 5.5% in less than one day to sell at over $1.70.
Crypto exchanges in Japan face regulations
Japanese crypto exchanges have been mandated to obey the rules stipulated by authorities last year.
One of the rules to adhere to is keeping users’ money away from theirs. BitMEX was once in Japan but it left before the country rolled out these plans for the crypto industry.
It has already been reported that Japan’s central bank is making efforts to test its CBDC