In recent years, cryptocurrency has been rising as a global phenomenon. This is also true in the case of Japan.
In April 2020, Japan’s Financial Services Agency(FSA) officially certified two cryptocurrency related organizations. Japan security token association (JSTA) and Japan Virtual Currency Exchange Business Association (JVCEA). Softbank Corps has confirmed joining JSTA, which also contains other large group companies such as Mitsui Trust and NTT Data as members. Not only large IT companies, but also crypto and blockchain member firms such as TokenSoft or Bitflyer (Japan’s largest cryptocurrency trading service) are also members.
A major player in Japan’s financial sector, JCB also recently announced that it would be working on a crypto-related project. The credit card giant said it has begun working with Cowry, a Tokyo-based payment, and blockchain startup. Together they will begin a demo experiment involving financial solutions.
The idea is to make use of existing cryptocurrencies and other block-chain networks on Cowrys block-chain platform. JCB and Cowrly said they have a technological solution that will allow their product to settle payments instantly by confirming a new transaction. This compared to the normal case, which is waiting for blocks to be mined. Another Japanese IT Giant Fujitsu is also joining the pilot project.
“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture… 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.”, said Enjin’s CEO Maxim Blagov.
The crypto Enjin Coin (ENJ), has gone through the Japan regulatory to become the first gaming cryptocurrency to pass by JVCEA. Crypto projects must pass through a “rigorous process” as Enjin did according to Seihaku Yoshida, Hashport’s CEO. The same company provided support to Enjin with their Accelerator, provided additional details on the approval process.