FSA Whitelists Native Token of OMG Network For Trading

Vandana  |  Jul 23, 2020

Japanese crypto regulations are going through several changes from quite some time now and it seems that cryptocurrencies are going to have a great future in the country. Recently, the Financial Services Agency, FSA has whitelisted the native token of OMG network for trading. OMG network token has now been added to the Japanese crypto exchange, GMO coin. This has been announced by GMO coin on July 22 that it will be offering OMG’s token now. This is an Ethereum based platform that aims to solve the blockchain scalability problems and was previously known as OmiseGo.

OMG is 27th digital asset approved by FSA

Through this addition of OMG token on the exchange, it has been seen that Japanese regulators have now started approving the digital assets. After getting approved by FSA, OMG has become the 27th digital asset which has received approval in the country. Before OMG, FSA had whitelisted Huobi tokens, HT back in April 2020. The current price of OMG’s token is at $1.73 and the price has been rising significantly.

Changes in regulations for crypto assets

The Japanese crypto market has been going through several changes in regulations for several months now. It has been reported that from May 01, Japan is complying with all the regulations which were outlined by FSA earlier. It has been mentioned that after these updated regulations, the exchanges will have to manage the money of its users separately from the cash flow of the exchange. For this, there will be a need for cold wallets which will help them to manage the money of the users.

This is simply indicating that Japan is moving ahead for a wider crypto adoption along with maintaining all the security measures. The central bank of the country is also looking forward to introducing the central based digital currency of Japan. However, nothing has been specified yet but there are several reports that suggest the same.

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