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Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]
Sep 2, 2022
Japan is home to a considerable number of cryptocurrency users and investors. In terms of the global trading volume of crypto, Japan is one of the largest economies in the world and continues to grow. In terms of crypto regulation, Japan leads the way and since 2016, Japan has officially recognised crypto as being a form of payment. Therefore, crypto is being used in Japan for all types of entertainment and products, including gaming. How popular is crypto gaming in Japan?
It is always important to consider the legality of crypto gaming before playing games using the virtual currency in Japan. The Japanese parliament introduced a bill in March 2018, and this brought cryptocurrency under the scrutiny of the Financial Services Agency. The agency regulates all the investment and banking in Japan and that means the FSA oversees the legality and standards for crypto in the country. This applies to all legal crypto exchanges, so those who want to participate in crypto gaming know it is safe. The additional safety measures mean more people have been willing to try and adopt crypto gaming in Japan. Enjin Coin recently became the first gaming cryptocurrency to be approved by Japanese regulators and it has been approved in partnership with Hashport.
Mixi, CyberAgent, and LINE are three of the major companies involved in mobile crypto gaming in Japan. However, thanks to the increased popularity in mobile crypto gaming, smaller mobile gaming companies have started to appear on the market, focusing specifically on crypto gaming. Ateam and KLab are two good examples of new mobile based crypto gaming companies and Mobile Factory have spent the last two years moving towards crypto gaming. Not only has the number of people playing crypto mobile based games increased recently but the traditional mobile gaming market is so competitive, companies are moving to crypto gaming in attempt to gain a foothold in the market.
Such is the increased popularity of crypto gaming, some of the biggest names in video game development in Japan have made the move into the industry. The best example is Bandai, a gaming company known across the planet thanks to the success of their video games. Konami and Capcom have also taken steps into the crypto gaming market but the two biggest names in Japanese video gaming, Nintendo, and Sony, have yet to take the plunge. My Crypto Heroes, Contract Servant, PolkaFantasy, and CryptoSpells are all example of popular blockchain based games.
Gamers in Japan, especially online gamers, purchase additional content when playing video games. This has become one of the biggest ways for video game developers to make more money and for gamers to enjoy updated games. Financial transactions when gaming is not always easy but using crypto is instant, safe, and simple. This increased online security is a major benefit to the user experience and is responsible for other gaming sectors such as crypto casino online utilizing this tech for additional safety. Using the blockchain when playing games means all transactions will be recorded in a public ledger, which eliminates the chance of fraud. Another benefit of crypto for gaming in Japan is player anonymity because crypto does not require the use of accounts meaning privacy is protected. So, there are many ways gaming in Japan can benefit from crypto.
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