Shiba Inu Joins Japan's Exclusive List of Regulated Cryptocurrencies
Shiba Inu (SHIB) has achieved a significant milestone in Japan after being recognized as a major financial vehicle by local crypto company Laser Digital Japan.
The company, which is backed by Nomura, received regulatory approval from the Financial Services Agency on August 21 and included SHIB in its list of six approved cryptocurrencies along with Bitcoin (BTC), Ethereum, XRP, Bitcoin Cash, and Litecoin.
This development marks a historic shift in Japan's crypto market, where regulatory approvals for new exchanges have been scarce. Laser Digital Japan's inclusion of SHIB in its lineup is also notable as the platform has chosen to only list six regulated cryptocurrencies, indicating a conservative approach to listing tokens.
The inclusion of SHIB on the Green List by the Japan Virtual and Crypto Assets Exchange Association (JVCEA) made it possible for Laser Digital Japan to list the token. This move capitalizes on the retail adoption of SHIB across Japan earlier this year, with e-commerce giant Rakuten opening token trading to its 44-million-user ecosystem and Mercari rolling out SHIB trading to its 24 million active users.