The Japan Virtual Currency Exchange Association, a self-regulatory agency, has given ENJ the official nod.
Enjin Coin (ENJ) leapt over the tight regulatory walls of Japan to become the first gaming cryptocurrency to be whitelisted in the country for use.
ENJ was given the official nod by the Japan Virtual Currency Exchange Association (JVCEA), the self-regulatory agency of the nation supervising cryptocurrency exchanges, according to a press release shared with CoinDesk on Tuesday.
The token is scheduled to be listed on Jan. 26 on Japan’s Coincheck exchange, meaning consumers of Japanese yen will be able to buy ENJ.
When created by users within the Enjin gaming and game ecosystem, ENJ is a store of value token that gets locked into non-fungible tokens (NFTs). According to the business, these NFTs can be exchanged, swapped, and incorporated across networks with the ability to build completely new in-app ecosystems.
CEO Maxim Blagov of Enjin said Japan is home to groundbreaking games that have a lasting place in pop culture, from Super Mario to PokÃ©mon and Final Fantasy. â€œWe believe some of the worldâ€™s best blockchain games will come from the Japanese gaming industry.â€
Coincheck is one of the largest approved crypto-currency markets in Japan and is controlled by the Financial Services Regulator of the government (FSA).
ENJ is the first in the gaming group to be listed within the nation on an exchange, according to the FSA’s history of cryptocurrency listings.
In 2019, Enjin, the organization behind ENJ, first entered the Japanese market in partnership with Tokyo-based blockchain accelerator HashPort, which aimed to introduce Enjin’s technology to the gaming market in the region. That’s also the moment when, according to the press release, the two companies partnered to lobby for the JVCEA’s regulatory approval by ENJ to be listed on exchanges.
Seihaku Yoshida, CEO of HashPort, said Enjin made a bold pledge to enter the Japanese market in 2019, willing to expand their company in the sector irrespective of market conditions. Enjin Coin’s acceptance and listing on Coincheck is a significant achievement for Enjin and the implementation of its blockchain network in Japan, following more than a year of due diligence.