Enjin Coin (ENJ) has overcome Japan’s stringent regulatory hurdles and is the first gaming cryptocurrency to be whitelisted for use in the nation.
According to a press release communicated to CoinDesk on Tuesday, ENJ received the official nod from the Japan Virtual Currency Exchange Association (JVCEA) – the country’s self-regulatory agency that oversees the exchange of cryptocurrencies.
The token is expected to be listed on Japan’s Coincheck exchange on January 26th, which means users can buy ENJ with Japanese yen.
ENJ is a store of value that is encased in non-fungible tokens (NFTs) when it is created by users in the Enjin gaming and app ecosystem. These NFTs can be traded, swapped, and integrated across platforms, with the potential to create entirely new in-app economies, according to the company.
“From Super Mario to Pokémon to Final Fantasy, there are game-changing games in Japan that have a permanent place in pop culture,” said Maxim Blagov, CEO of Enjin. “We believe that some of the world’s best blockchain games will come from the Japanese game industry.”
Coincheck is one of the largest licensed cryptocurrency markets in Japan and is regulated by the country’s Financial Services Agency (FSA).
Enjin, the company behind ENJ, first entered the Japanese market in 2019, partnering with Tokyo-based blockchain accelerator HashPort to bring Enjin’s platform to the country’s gaming market. This is also the time the two companies worked together to push for the JVCEA’s regulatory approval of ENJ to be listed on the stock exchanges, the press release said.
“Enjin boldly entered the Japanese market in 2019 and is determined to grow its business in this space regardless of market conditions,” said Seihaku Yoshida, CEO of HashPort. “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.”
At press time, ENJ is changing hands for $ 0.30, up 27% in 24 hours and 71% for the week CoinMarketCap.