Enjin coin became the first gaming cryptocurrency approved in Japan after clearing out the well-known tough country regulatorâ€™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 countryâ€™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, Enjinâ€™s CEO, pointed out that such a move allows the expansion of the blockchain gaming culture across the Japanese industry:
â€˜Rigorous Examination Processâ€™ 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 â€œrigorous processâ€ as Enjin did, the company said. Seihaku Yoshida, Hashportâ€™s CEO, who provided support to Enjin with their Accelerator, provided additional details on the approvalâ€™s process:
ENJ was first announced in 2017 and the team launched the platformâ€™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.
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