Enjin Coin (ENJ) has jumped over Japan's 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), the country's self-regulatory body overseeing cryptocurrency exchanges.
The token is expected to be listed on Japan's 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.
“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture,” said Enjin CEO Maxim Blagov. "We believe some of the world’s best blockchain games will come from the Japanese gaming industry."
Coincheck is one of Japan's largest licensed cryptocurrency marketplaces and is regulated by the country's Financial Services Agency (FSA).
According to the FSA's 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, entered the Japanese market in 2019 partnering with Tokyo-based blockchain accelerator HashPort that sought to bring Enjin's platform to the country's games market. That's also the time when the two firms collaborated to push for ENJ's regulatory approval from the JVCEA to be listed on exchanges, according to the press statement.
“Enjin made a bold commitment entering the Japanese market in 2019, determined to grow [its] business in the space regardless of market conditions," said HashPort's CEO Seihaku Yoshida. "After 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.”
At press time, ENJ is changing hands for $0.30, up 27% over 24 hours and 71% for the week, according to CoinMarketCap.