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OMG Token is Now Approved by the Japanese Financial Regulators

omg

The Financial Service Agency (FSA), the regulatory agency that oversees digital assets activity in Japan, finally gave the go-ahead to list OMG Network’s token (OMG) on an exchange for trading. Japanese citizens will be able to purchase the OMG token officially from a local exchange with this decision.

Japanese cryptocurrency trading platform, GMO Coin announced the listing of OMG on July 22, 2020. The platform is reportedly working closely with the regulator and has been granted the necessary license from the FSA. This means that the OMG token has now been approved and whitelisted by the agency.

OMG Network’s token was previously known as OmiseGo, an ERC-20 token residing on Ethereum blockchain. The project formed under the joint efforts of experts from many Asian countries including Thailand, Japan, Indonesia, Singapore, and Malaysia. OmiseGo aims to become a payment solution for the unbanked as well as helping the Ethereum network with its scalability problems by co-developing an off-chain solution on Plasma.

The price of OMG token has reacted positively to the news and is now being traded at $1.72 with a 5.31% increase during the past 24 hours. However, the token is still significantly far from its all-time-high at almost $30 achieved during the 2018 ICOs craze.

You may also want to read: $42 Million Raised in Public Token Sale by New Ethereum Alternative – Avalanche

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