Neo Receives Regulatory Breakthrough in Japan with Token Listing on OKCoin Japan

OKCoin Japan Begins Handling NEO Token under the approval of the Japanese Financial Services Agency

TOKYO, July 1, 2024 /PRNewswire/ -- OKCoin Japan, a subsidiary of blockchain services company OK Group, and one of the largest cryptocurrency exchanges in the APAC region, recently announced that it has received regulatory approval from the Japanese Financial Services Agency to list NEO, the native token of the Neo N3 blockchain. With the addition of NEO, OKCoin Japan now supports 41 of the world's foremost cryptocurrencies. NEO's listing on OKCoin Japan marks an expanded regional footprint in APAC for the Neo ecosystem and solidifies its status as the region's leading Layer-1 blockchain.

Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. It facilitates the management of digital assets, the execution of smart contracts, and the development of decentralized applications (DApps). Neo employs the "dBFT" (Delegated Byzantine Fault Tolerance) consensus mechanism, ensuring fast transaction processing and finality. Additionally, Neo supports development in multiple programming languages, providing an accessible environment for developers.

Speaking on the development, John Wang, Head of Neo Eco-Growth, said: "We are honoured to have received regulatory approval from the Japanese Financial Services Agency. To serve the Japanese market, we are committed to full compliance and industry collaboration, contributing to the continued development of the blockchain industry in Japan. The development marks an important milestone in our APAC regional growth strategy."

Concurrent with the listing of the NEO token on OKCoin Japan, Neo is also actively developing Neo X - an EVM-compatible sidechain that provides a gateway for the Ethereum savvy developers into the Neo ecosystem. Neo X is designed to resist toxic MEV and is fully compatible with Ethereum tooling. It is intended for cross-chain scalability and DeFi applications through its use of the dBFT consensus mechanism and enveloped transactions. Neo X is currently in its Beta Testnet version and is expected to launch its Mainnet later this year.

Speaking on the development, Daisuke Hakkaku, COO at OKCoin Japan, said: "OKCoin Japan prioritizes delivering overseas trending cryptocurrencies to our Japanese customers as quickly as possible. Neo, an early adopter among Layer-1 blockchains aiming to build the next-generation internet, is expected to enhance the convenience of DApp development for developers through the development of Neo X, an EVM-compatible sidechain. At OKCoin Japan, even after listing, we will continue to contribute to the expansion of the ecosystem through strong collaboration with Neo."

Japan recognizes cryptocurrency as an alternative form of money and legal property, and the country's Financial Services Agency regulates both crypto and yen transactions. Citizens of Japan are free to own or invest in cryptocurrency through a regulated Virtual Asset Service Provider (VASP) like OKCoin Japan. Just like all other cryptocurrencies handled by OKCoin Japan, the NEO token is under the strict regulation of the Japanese regulator.

About Neo

Founded in 2014, Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. By enabling developers to digitize and automate the management of assets through smart contracts, Neo is built to realize the optimized digital world of the future. As the most developer-friendly blockchain, Neo meets developers where they are by integrating seamlessly with the world's most widely used languages and tools, and providing the most feature-complete blockchain platform for building full-stack decentralized applications. With native support for powerful infrastructure including decentralized storage, oracles, and domain name service, Neo is the ideal foundation for developers to build the next generation Internet.

About OKCoin Japan

OKCoin Japan is a centralized cryptocurrency exchange established in 2017 and is registered in Japan. Our company was established as the Japanese corporation of OK Group and is operating under a structure compliant with Japanese laws and regulations as a registered cryptocurrency exchange business with the Financial Services Agency. Additionally, by utilizing the group's advanced technology, products, and the know-how accumulated over the years, we are flexibly responding to market needs and will contribute to the revitalization of Japan's WEB3.0 (crypto asset-related business).

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SOURCE Neo