JVCEA Approves Enjin Coin for Coincheck Listing; Becomes First Gaming Token in Japan
Enjin Coin has passed Japan’s stringent crypto rules and procedures to become the pioneer gaming crypto to win approval for use within the country.
In a press statement sent to Bitcoin Exchange Guide on Tuesday, January 19, 2021, Enjin Coin (ENJ) revealed that it had been approved by Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory entity that oversees the country’s crypto exchanges.
ENJ describes itself as a store of value token that can be saved as non-fungible tokens (NFTs) once created by the Enjin gaming platform users. These NFTs are tradable, can be swapped, and integrated within the platform, thereby having the capacity to form a fresh in-app economy. The statement reads,
“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.”
Coincheck is regulated by the Japanese Financial Services Agency (FSA) and is one of the country's biggest crypto marketplaces. According to FSA crypto listing history, ENJ becomes the first to be listed in Japan's gaming category.
The firm behind ENJ token, Enjin, set operations in Japan in 2019 after inking a partnership deal with HashPort, a blockchain accelerator based in Tokyo. HasPort was looking for ways to bring the Enjin gaming platform to the country. The two firms have been working aggressively to push for the licensing of ENJ by JVCEA to gain access to the Japanese exchanges. Per the press statement,
“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.”
Following the approval, ENJ’s value exploded, and by publication time, the coin was exchanging at $0.43, an increase of about 90%. The coin has also joined the top 100 currencies club as per the market cap has reached $350 million.