Enjin is a gaming-based blockchain platform that wants to “make it easy for everyone to develop, trade, monetize, and market with blockchain.” Indeed, now it will.
Following work on regulations that lasted more than a year-and-a-half, the Japanese Virtual Currency Exchange Association (JVCEA) has finally announced that the native cryptocurrency of the platform, ENJ, can now be used freely across Japan.
This is naturally a huge milestone as it is the first time that Japan has authorized a gaming token. Enjin is surely celebrating!
The Open Door
On top of that, ENJ will also become the very first gaming token that can be used on the Coincheck exchange. Coincheck is also regulated completely by the Japanese government.
The listing will become official on January the 26th. Then, ENJ will also become one of just 15 other assets that are listed on Coincheck. Japanese residents can purchase the cryptocurrency with a JPY trading pair.
Recognition Is Everything
JVCEA is under the administration of the Japanese Financial Services Agency, which controls all financial regulations in Japan.
In order for ENJ to receive the approval, it went through a very difficult inspection period. This also explains why just 15 other digital assets have managed to become verified by the Japanese Financial Services Agency.
The Future Is Bright
This lengthy process should benefit Enjin quite a lot since the project became legitimate. As you would expect, Japan is the home of one of the world’s largest video games markets, which should reach $20 billion this year.
Enjin will take the lead over many other platforms, as it is capable of offering users things they can’t get from other video game companies, such as the direct ownership of in-game assets.