Japan hosts a sizeable number of cryptocurrency users and investors. In terms of global cryptocurrency trading volume, Japan is one of the largest economies in the world and continues to grow. In terms of cryptocurrency regulation, Japan is at the forefront, and since 2016 Japan has officially recognized cryptocurrencies as a form of payment. Therefore, encryption is used in Japan for all types of entertainment and products, including games. How popular are crypto games in Japan?
Blockchain Legal Game in Japan
It is always important to consider the legality of crypto games before playing using virtual currency in Japan. The Japanese parliament presented a bill in March 2018 and this brought the cryptocurrency under the control of the Financial Services Agency. The agency regulates all investment and banking in Japan and that means the FSA oversees the legality and standards for cryptocurrencies in the country. This applies to all fiat cryptocurrency exchanges, so those who want to participate in cryptocurrency games know it’s safe. The additional security measures mean that more people have been willing to try to adopt crypto games in Japan. Enjin Coin recently became the first gaming cryptocurrency to be approved by Japanese regulators and was approved in partnership with Hashport.
Mobile crypto game
Mixi, CyberAgent, and LINE are three of the major companies involved in mobile crypto gaming in Japan. However, thanks to the growing popularity in mobile crypto games, smaller mobile game companies have begun to appear on the market, with a particular focus on crypto games. Ateam and KLab are two good examples of new mobile-based crypto gaming companies, and Mobile Factory has spent the past 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 that companies are shifting to crypto games in an attempt to gain a foothold in the market.
Established video game companies
Such is the growing popularity of crypto games, some of the biggest names in video game development in Japan have moved into the industry. The best example is Bandai, a gaming company known around the planet thanks to the success of its video games. Konami and Capcom have also taken steps in the crypto game market, but the two biggest names in Japanese video games, Nintendo and Sony, have yet to take the plunge. My Crypto Heroes, Contract Servant, PolkaFantasy, and CryptoSpells are all examples of popular blockchain-based games.
How Gaming In Japan Can Benefit From Cryptocurrencies
Gamers in Japan, especially online gamers, purchase additional content when playing video games. This has become one of the greatest ways for video game developers to make more money and for gamers to enjoy updated games. In-game financial transactions aren’t always easy, but using cryptocurrencies is instant, secure, and simple. This increased online security is a great benefit to the user experience and is responsible for other gaming sectors such as online crypto casinos that use this technology for added security. The use of the blockchain during gaming means that all transactions will be recorded in a public ledger, eliminating the possibility of fraud. Another advantage of cryptocurrencies for games in Japan is player anonymity because cryptocurrencies do not require the use of accounts, which means that privacy is protected. Hence, there are many ways that gaming in Japan can take advantage of cryptocurrencies.