Japan’s Financial Services Agency approves OMG Network token

Japan's FSA has approved OMG Network's OMG token
Updated: 30 Jul, 2020
2 mins read

Reports emerged on July 22 that Japan’s Financial Services Agency (FSA) had approved network token OMG Network (OMG). The digital asset now becomes a regulated compliant cryptocurrency in Japan.

OMG Network was formerly known as OmiseGo. The OMG Network is designed as a scaling solution for finance on Ethereum. It supports transparent, peer-to-peer transactions in real-time.

The decentralized network enhances and supports self-sovereign financial services across asset classes, geographies, and applications.

Its token, OMG, has joined 25 other cryptos that are currently approved in the Asian country. Therefore, it means that crypto-asset can now get listed on all the compliant exchanges operating within Japan.

By description, Japan’s FSA is a government agency that also acts as a financial regulator. It is responsible for overseeing securities and exchange, banking, and insurance industries. The Agency strives to maintain the stability of the financial system of Japan.

Since cryptos started gaining mainstream attention, Japan has been at the forefront of exploring the opportunities that the nascent industry brings. In that context, it has now approved 26 cryptos which means that it is open for cryptocurrency investments.

With many other countries like China developing central bank digital currencies (CBDS), experts in Japan advice the government to look into developing and issuing a digital yen.

The Token

The OMG token is currently trading at $1.6815 which is up 1% in the last 24 hours. This crypto has gained over 175% based on the year-to-date data since it started the year trading at around $0.619.

OMG Network’s market capitalization is $235.92M with a 24-hour volume of $103.52M. The token has a market cap rank of 52 with a circulating supply of 140,245,398 and a max supply of 140,245,398.

This token is traded on 146 exchanges and its approval in Japan is expected to have a bullish impact on its price in the near term.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.