Enjin Coin (ENJ) has jumped over Japanâs strict regulatory hurdles to become the first gaming cryptocurrency to be whitelisted for use in the nation.
According to a press release shared to CoinDesk on Tuesday, ENJ has been given the official nod by the Japan Virtual Currency Exchange Association (JVCEA) â the countryâs self-regulatory body overseeing cryptocurrency exchanges.
The token is expected to be listed on Japanâs Coincheck exchange on Jan. 26, meaning users will be able to purchase ENJ with Japanese yen.
ENJ is a store of value token that gets locked into non-fungible tokens (NFTs) when created by users within the Enjin gaming and app ecosystem. Those NFTs can be traded, swapped, and integrated cross platform with the potential to create entirely new in-app economies, according to the company.
âFrom Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture,â said Enjinâs CEO Maxim Blagov. âWe believe some of the worldâs best blockchain games will come from the Japanese gaming industry.â
Coincheck is one of Japanâs largest licensed cryptocurrency marketplaces and is regulated by the countryâs Financial Services Agency (FSA).
According to the FSAâs history of cryptocurrency listings, ENJ is the first in the gaming category to be listed on an exchange within the country.
Enjin, the company behind ENJ, first entered the Japanese market in 2019 partnering with Tokyo-based blockchain accelerator HashPort that sought to bring Enjinâs platform to the countryâs games market. Thatâs also the time when the two firms collaborated to push for ENJâs regulatory approval from the JVCEA to be listed on exchanges, according to the press statement.
âEnjin made a bold commitment entering the Japanese market in 2019, determined to grow their business in the space regardless of market conditions,â said HashPortâs CEO Seihaku Yoshida. âAfter 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.â
At press time, ENJ is changing hands for $0.30, up 27% over 24 hours and 71% for the week, according to CoinMarketCap.
See also: Microsoft Marketing Exec Joins Blockchain Gaming Platform Enjin to Lead Enterprise Push