The reason behind the huge rise of Enjin Coin (ENJ), which aims to create a blockchain ecosystem of game products, has been revealed. Enjin bypassed Japan’s strict regulatory rules and became the first game cryptocurrency used in the country.
Official confirmation to Enjin!
According to the news in CoinDesk on the subject, the Japanese Virtual Currency Exchange Association (JVCEA), which controls crypto money exchanges in the country, officially approved Enjin. The ENJ token is expected to be listed on Japan’s Coincheck exchange as of January 26. Thus, Japanese citizens will now be able to receive ENJ with the country’s currency, the yen. Coincheck is seen as the largest cryptocurrency exchange licensed by Japan’s Financial Services Authority (FSA).
As it is known, ENJ is a value storage token that can be locked into NFTs (unchangeable tokens) created in the Enjin game and application ecosystem. These NFTs are; It can be traded, exchanged for other products, or integrated into cross-platform transitions with the potential to create new in-app economies.
The first token listed in the game category
Looking at the FSA’s cryptocurrency listing historical data, ENJ is seen as the first token listed on an exchange in the gaming category. Entering the Japanese market in 2019, Enjin company partnered with Tokyo-based blockchain acceleration company HashPort. Following the agreement of the two companies, the approval process for ENJ from JVCEA was even faster.