The EOS Network Foundation has received whitelist approval from the Japanese regulator. Its token EOS has gained 4% amid the news.

Initially, the EOS token will start trading on the cryptocurrency exchange BitTrade in September.

Later, the token will be traded against the Japanese yen on different regulated exchanges nationwide.

Following the news, EOS token has gained 3.7% in 24 hours, according to CoinMarketCap. Its market cap surged 4.5% to $688 million.

The Japan Virtual and Crypto Asset Exchange Association (JVCEA) is a self-regulated entity composed of crypto exchanges in Japan. The organization aims to protect investors in the crypto industry.

The EOS Network Foundation (ENF) was founded by Yves La Rose, who serves as the CEO of the foundation. The ENF raised 6.5 million EOS (equivalent to approximately $21 million) directly from the community after severing ties with Block.One, a popular blockchain solution.

The EOS mainnet was officially launched in June 2018 and has emerged as a strong competitor to the Ethereum blockchain. While the project has seen significant development and evolution, it has also faced challenges that prompted the development team to reassess the project.