The world’s third largest digital asset – Cardano (ADA) – has overcome tough legal hurdles to finally launch on BitPoint in Japan.
After hitting a week of all-time highs, the brainchild of Charles Hoskinson has announced ADA’s listing after months of ticking off Tokyo’s strict crypto licensing regime.
The cryptocurrency launches for Japanese customers on the country’s most popular exchange BitPoint.
By complying with Japan’s tight rules, Cardano has unlocked a special status – for now it looks like it’s regulator-proof.
Japan’s Tight Crypto Rules
Japan’s cryptocurrency and digital asset licensing regime is part of wider stringent financial controls designed to protect Japanese investors from financial volatility, scams and misselling.
Tokyo’s regulatory body – the FSA – has established a dedicated crypto section as well as a panel of financial experts to help the government oversee digital and decentralized finance.
The agency is also responsible for monitoring developments in cryptocurrencies and central bank digital currency initiatives (CBDC), and preparing a regulatory response.
However, some Japanese lawmakers believe that current licensing is not strict enough with calling this week, Tokyo’s financial regulator pushed for urgent regulatory tightening amid a global regulatory atmosphere of concern over the crypto industry.
So far, Bitcoin (BTC), Ethereum (ETH) and LiteCoin (LTC) are the only other cryptocurrencies to have lowered the price.
This move comes at an exciting time for the Cardano project, with the public mainnet launch of Alonzo Purple on the horizon on September 12.
Network upgrade delivers smart contract capabilities to ADA and marks significant progress for Hoskinson‘s famous long project roadmap – explaining the investor excitement driving the recent bullish Cardano price action.
More crypto news and information
As with any investment, it pays to do some homework before parting with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page does not recommend any particular currencies or indicate whether or not you should invest.