The Japanese Financial Services Agency (FSA) has reportedly granted greenlight to the OMG Network token for trading activities, across the crypto exchange GMO Coin.
Specifically, the Japan-based crypto exchange platform has reportedly rolled out facilitating support for the OMG Network token (OMG). By adding the coin to the exchange, with proper licensing from the FSA – functioning as one of Japan’s financial watchdogs – reportedly showed that OMG has secured the 27th spot for crypto assets regulatorily accepted across the nation.
The latest one prior to OMG to receive greenlight from the FSA was Huobi Token (HT) in April.
OMG Network – previously known as OMiseGo – is reportedly an Ether-powered platform particularly designed with a goal to fix the scalability issue for the blockchain. The value of its native token reportedly stands at $1.73 – underwent a 5.5% increase in the past 24 hours.
Since May 1st this year, crypto exchange platforms throughout Japan have reportedly been required to stay compliant with regulations first outlined by the government last year.
Particularly, every exchange platform is reportedly required to run seperate management of their users’ fund, from their own cash flow, as well as employ “reliable methods”, such as cold wallets, for the management process.
BitMEX reportedly shut down its operation across Japan in April, prior to the changes taking effect.