ENJ becomes the first gaming crypto to get regulatory approval in Japan

Japan is about to welcome its first gaming-focused cryptocurrency. Enjin Coin received the green light from Japanese regulators after successfully passing the country’s stringent requirements.

Japan Virtual Currency Exchange Association (JVCEA) granted legal status to the Enjin coin (ENJ) allowing the gaming crypto’s use in the Japanese market, according to Bitcoin.com. JVCEA is a self-regulatory organization recognized by the Japanese Financial Services Agency (FSA) that oversees that country’s crypto industry.

“Enjin Coin has been approved by the JVCEA and will be listed on Coincheck exchange, making it the first gaming token authorized by JVCEA for use in Japan,” Enjin announced in a blog post.

Enjin Coin will be listed on the Tokyo-based Bitcoin wallet and exchange Coincheck on January 26, 2021. Upon its listing, Japanese investors and gamers will be able to purchase the token with Yen or with Bitcoin (BTC).

Crypto projects intended for trading on Japanese exchanges need to pass a stringent examination process. This explains why only 15 cryptocurrencies are listed on Coincheck at the moment.

Enjin Coin’s entry into the Japanese market was made possible by its partnership with Hashport’s Accelerator program. The strategic partnership’s two main goals are to secure the Japanese financial regulator’s approval for ENJ’s listing on the country’s exchanges and to promote the adoption of the Enjin Platform in its gaming industry.

Securing JVCEA’s approval is a testament to the token’s fundamentals as well as the potential of the Enjin platform as a whole. “After more than a year of due diligence, the approval and listing of Enjin Coin on Coincheck is an important milestone for Enjin and adoption of its blockchain platform in Japan,” HashPort CEO Seihaku Yoshida said. “I’m honored to help them achieve this milestone and positively impact the Japanese gaming industry and beyond.”

Meanwhile, Enjin CEO Maxim Blagov said that the company decided to enter the Japanese market as the country is known for being a pioneer in the gaming industry. He also expects Japan to become a world leader in the blockchain games niche.

“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture,” Blagov said. “Japan’s culture of innovation is directly aligned with Enjin’s. We believe some of the world’s best blockchain games will come from the Japanese gaming industry, and we will be there to help them leverage this powerful technology to the fullest.”

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