Japanese Regulator Whitelists OMG Network Token
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July 23, 2020

The Financial Services Agency (FSA), a Japanese financial watchdog, has approved the usage of OMG Network (OMG) on trading platforms.

Hence, OMG has become the 27th cryptocurrency to be approved by the watchdog. Prior to OMG, FSA whitelisted Huobi's native token called Huobi Token (HT).

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Japan tightened its regulation in order to protect investors. Last year, the House of Representatives revised the Payment Services Act (PSA) as well as the Financial and Exchange Instruments Act (FIEA), which came into force on May 1, 2020.

GMO Coin, one of Japan’s largest bitcoin (EXANTE: Bitcoin) exchanges, became one of the first exchanges to list OMG for trading.

"...we plan to start accepting deposits for OMG Network (OMG) around 12:00 on Monday, July 27," the exchange wrote in an official announcement.

iHodl earlier reported that the largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG) Bank, Ltd., wants to issue its own stablecoin called MUFG Coin in the second half of 2020.

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MUFG plans to roll out its stablecoin in collaboration with the Recruit Group, one of Japan's largest comprehensive restaurant information websites.

However, Mitsubishi UFJ Financial Group President & CEO Hironori Kamezawa admitted a delay is still possible as there may be a new wave of coronavirus pandemic.

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