The Enjin coin became the first cryptocurrency approved in Japan for gaming after the requirements of the well-known strict country regulator were clarified. The green light is possible through a partnership with Hashport.
ENJ is scheduled to be listed in Coincheck on January 26th
According to the announcement, Enjin Coin (ENJ) has been granted legal status by the Japan Virtual Currency Exchange Association (JVCEA), the country’s official crypto watchdog.
The blockchain gaming platform announced that its token will be listed on Coincheck on January 26th, 2021 so that Japanese users can buy it in yen and trade in bitcoin (BTC). ENJ rose 71% after the news and is now trading hands at $ 0.4385 according to market data.
Maxim Blagov, CEO of Enjin, pointed out that such a move will allow blockchain gaming culture to expand in Japanese industry:
From Super Mario to Pokémon to Final Fantasy, Japan is home to groundbreaking games that have an enduring place in pop culture. Japan’s culture of innovation is directly linked to that of Enjin. We believe that some of the world’s best blockchain games will come from the Japanese games industry, and we will help them make the most of this powerful technology.
“Strict examination process” required by the JVCEA
The JVCEA is a self-regulatory organization recognized by the Japanese Financial Services Agency (FSA). Like Enjin, crypto projects have to go through a “rigorous process,” according to the company. Seihaku Yoshida, CEO of Hashport, who supported Enjin with its accelerator, provided additional details on the approval process:
Enjin made a bold commitment to enter the Japanese market in 2019 and was determined to grow its business in this 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 the launch of its blockchain platform in Japan.
ENJ was first announced in 2017 and the team launched the main network of the platform the following year in 2018. The Enjin project also uses NFT (Non-Fungible Token) technology.
As news.Bitcoin.com reported on December 19, 2020, a research conducted by Crypto Exchange Crypto.com, which polled 29,574 users, found that 47% of correspondents had heard of NFT. Among these, 63% only had a basic understanding of it, while 57% had never used it.
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