The Japanese Virtual Currency Exchange Association (JVCEA) has approved gaming focused cryptocurrency Enjin (ENJ) for listing on the Coincheck exchange, the Enjin team announced in a blog post on Jan. 19. The approval makes Enjin the first regulated gaming token in Japan.
- ENJ will be listed on Coincheck on Jan. 26, joining 14 other assets in a select list; user will be able to trade it against Bitcoin (BTC) and the Japanese Yen (JPY)
- The team said that the list was a result of its strategic partnership with Hashport, a Japanese accelerator it began working with in 2019; one of the goals of the partnership was to realize the approval of ENJ’s listing by a regulator
- The JVCEA is a regulatory body authorized by the Japanese Financial Services Agency (FSA) to oversee activities in the crypto industry and market
- Japan is one of the world’s strongest markets for video games, with a revenue of $15 billion in 2020
- Enjin CEO expects this development will have impact on the wider ecosystem, saying that “some of the world’s best blockchain games will come from the Japanese gaming industry”
- The news has had a strong effect on ENJ’s price, boosting it to by 40% in the last 24 hours to $0.406
- Enjin’s reach in the video game industry includes Minecraft support via a plugin