Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

Enjin coin became the first gaming cryptocurrency approved in Japan after clearing out the well-known tough country regulator’s requirements. The green light is possible through a partnership with Hashport.

ENJ Is Set to Be Listed in Coincheck on January 26

According to the announcement, enjin coin (ENJ) was granted legal status by the Japan Virtual Currency Exchange Association (JVCEA), the country’s official crypto watchdog.

The blockchain gaming platform said its token would be listed on Coincheck on January 26, 2021, allowing Japanese users to purchase it with Yen and trade with bitcoin (BTC). ENJ skyrocketed 71% after the news and is now exchanging hands at $0.4385, according to market data.

Maxim Blagov, Enjin’s CEO, pointed out that such a move allows the expansion of the blockchain gaming culture across the Japanese industry:

From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture. 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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‘Rigorous Examination Process’ Required by the JVCEA

The JVCEA is a self-regulatory organization recognized by the Japanese Financial Services Agency (FSA). Crypto projects must pass through a “rigorous process” as Enjin did, the company said. Seihaku Yoshida, Hashport’s CEO, who provided support to Enjin with their Accelerator, provided additional details on the approval’s process:

Enjin made a bold commitment entering the Japanese market in 2019, determined to grow their business in the space regardless of market conditions. 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.

ENJ was first announced in 2017 and the team launched the platform’s mainnet the following year in 2018. The Enjin project also leverages non-fungible token (NFT) technology.

As news.Bitcoin.com reported on December 19, 2020, a research conducted by crypto exchange Crypto.com, surveying 29,574 of its users, revealed that 47% of correspondents had heard of NFT. Among these, 63% of them had only a basic understanding of it, while 57% had never used them.

What do you think about Enjin’s announcement? Let us know in the comments section below.

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