The first gaming cryptocurrency  enjin coin (ENJ) was granted legal status by the Japan Virtual Currency Exchange Association (JVCEA), the country’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 . ENJ skyrocketed 71% after the news and is now exchanging hands at $0.4385, according to market data.

Maxim Blagov, Enjin’s CEO, pointed out that such a move allows the expansion of the blockchain gaming culture across the Japanese industry:

The JVCEA is a self-regulatory organization recognized by the Japanese Financial Services Agency (FSA). Crypto projects must pass through a “rigorous process” as Enjin did, the company said. Seihaku Yoshida, Hashport’s CEO, who provided support to Enjin with their Accelerator, provided additional details on the approval’s process:

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.

ENJ was first announced in 2017 and the team launched the platform’s main net the following year in 2018. The Enjin project also leverages non-fungible token (NFT) technology.

Commenting on the announcement, Maxim Blagov, CEO of Enjin, said: “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.”

Japan has made significant progress in the last few years to become a hub for crypto companies around the world. The country is known for its gaming industry and the recent announcement shows that the financial regulators are open for innovation within the gaming sector.

Source- Bitcoin.com

Country- Japan