- Japan Financial Services Agency have recently approved OMG token meaning that it has now become a regulated compliant cryptocurrency in Japan.
- GMO coin in their recent tweet have declared the FSA’s approval.
- They have announced that they will now begin to handle the OMG token in the Sales Office and Cryptocurrency FX
Japan Financial Services Agency have recently approved OMG token meaning that it has now become a regulated compliant cryptocurrency in Japan. As of now there are 26 cryptocurrencies that are approved for transactions in Japan. GMO coin in their recent tweet have declared the FSA’s approval. They have announced that they will now begin to handle the OMG token in the Sales Office and Cryptocurrency FX.
— GMOコイン【公式】 (@gmo_coin) July 22, 2020
OmiseGo Rebraned As OMG Network
OMG token is a virtual asset with an unique set of encryption. It promotes efficient, high speed, cheap, secure and transparent financial services. OMG is most commonly referred to as the token for Ethereum expansion project of OMG Network which was previously known as ‘OmiseGo’. The OMG token (OMG) is trading at $1.70 down by 0.1% in the last 24 hours. The 24 hour high is $1.64 whereas the 24 hour low is $1.73. OMG’s daily trade volume stands at $89,819,859 and the total market capital is $238,551,118. OMG is ranked 48th in terms of market capitalisation.
OMG Network Facilitates Faster And Easier Transaction
OMG network was established back in 2017 and was initially named OmiseGo. The aim was to decentralize the prevailing market liquidity, order book matching and execution of the operations. Network was also keen on promoting high scalability payments. Recently, during the launch of OMG Network V1 Mainnet Beta in June, it was finally renamed to OMG network. As per the official website, the OMG network facilities quick as well as affordable ways for transferring ERC20 tokens and Ethereum (ETH) without any difficulties. The network’s offices are located in Thailand, Singapore, Japan, and Poland.
Recent Approval May Affect OMG’s Market Value Positively
OMG’s approval from Japan Financial Services Agency means that its assets can now be listed on all the regulated compliant exchanges of Japan. However, OMG has been facing very unstable pricing since its inception. In 2018 OMG token’s price touched the $25 mark, however now it is trading in the $1.5 range. The recent listing may affect the price of the token somehow. This is because OMG will be openly traded in all the regulated crypto exchanges of Japan. It is even possible that the token may help in a wider adoption of the users and may contribute towards the growth of OMG network.