The Japanese Financial Services Agency (FSA), which regulates the digital asset industry in the country, has approved the native OMG Network token.
The Japanese trading platform GMO Coin announced this on July 22 with the announcement of the listing of the OMG Network (OMG) token. OMG is the 27th digital asset to be maintained by the regulator in the country. In April, the FSA approved Huobi Token (HT).
OMG Network (formerly OmiseGo) is a second-tier scaling solution for the Ethereum blockchain. OMG token is currently trading at $ 1.71, up 4% in the last 24 hours.
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From May 1, 2020, crypto exchanges in Japan had to comply with the edicts that were adopted by the authorities back in 2019. All platforms must manage their users 'money separately from their assets and use "secure storage methods" ("cold wallets") of users' cryptocurrencies. Crypto derivatives exchange BitMEX would ban all users in Japan from using its platform before these changes took effect.