Japan greenlights its first cryptocurrency

Enjin Coin becomes the first cryptocurrency approved by Japanese regulators and will be listed on the Coincheck exchange on January 26

A monumental verdict is reached as Japanese regulators give the green light to Enjin Coin (ENJ)and will become the first cryptocurrency approved by Japanese regulators. The agreement was made possible through a partnership with HashportEnjin Coin will be listed in Coincheck on January 26. Enjin Coin, first launching back in 2017, also leverages non-fungible token (NFT) technology. 

The news was made public through a statement issued by Entain Coin on 19 January 2021. They announced that the governing body behand the agreement was the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory organisation formally recognised by the Japanese Financial Services Agency (FSA). Under this agreement, Japanese users will be able to purchase ENJ with Yen and trade with Bitcoin. Approval for the JVCEA includes a ‘rigorous examination process’.  

Market data shows that ENJ jumped more than 71% after the announcement and currently holds a price of $0. 4073. 

Maxim Blagov, Enjin’s CEO hoped that the verdict will help catalyst crypto adoption across Japan: 

unnamed (7)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. 

Hashport’s CEO, Seihaku Yoshida, provided insight into Enjin Coin’s approval process stating: 

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.

He concluded:  

Since our partnership was announced, the Enjin team has been in discussions with various leading domestic companies and projects. I’m honored to help them achieve this milestone and positively impact the Japanese gaming industry and beyond.

Source: Bitcoin.com 

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