Enjin Coin (ENJ) became the first gaming cryptocurrency to receive regulatory approval from the Japanese Virtual Currency Exchange Association (JVCEA). ENJ jumped more than 75% in less than 24 hours to reach $0.45.
According to the official announcement, ENJ will make a trading debut on the Coincheck exchange on 26 January. The exchange will allow Japanese users and developers to buy Enjin Coin with JPY along with trading through Bitcoin.
JVCEA is a self-regulatory authority recognized by Japan’s Financial Services Agency (FSA). Enjin Coin announced a strategic partnership with the Tokyo-based HashPort in 2019 with an objective to enter the Japanese market through regulatory approval.
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.”
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Enjin Coin now has a market cap of more than $340 million as the ENJ cryptocurrency is up nearly 120% in the last 3 days.
The Japanese Market
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.
“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 ENJ Coin on Coincheck is an important milestone for Enjin and the adoption of its blockchain platform in Japan,” Seihaku Yoshida, CEO of HashPort said in the official announcement.
Enjin Coin is currently trading near $0.40 after posting strong gains in the last 7 days.