- Easing Restrictions for Crypto Gaming Companies
- Revising Existing Laws
- Impact on Japanese Blockchain Gaming Market
Japan’s Financial Services Agency (FSA) plans to reform the country’s crypto gaming regulations to help businesses better manage their crypto assets.
Easing Restrictions for Crypto Gaming Companies
The Financial System Council will overhaul existing laws to introduce new crypto-friendly gaming regulations. A working group within the agency will review and revise the current system to streamline the management of in-game cryptocurrencies. This will simplify regulatory procedures for corporations, encouraging more Japanese companies to enter the blockchain gaming market.
Revising Existing Laws
According to reports in Japanese media, the financial regulator discussed establishing a framework and revising the existing Payment Services Act. The goal of this reform is to simplify the management of crypto assets by businesses and create a more favorable environment for the development of crypto gaming.
Impact on Japanese Blockchain Gaming Market
Despite the growing potential, Tokyo’s strict regulations on the video games and gambling businesses have had a detrimental effect on companies wanting to join the blockchain gaming market. This regulatory reform aims to address that issue.
The plans by the FSA to reform crypto gaming regulations could have a significant impact on the Japanese blockchain gaming market, making it more accessible and attractive for businesses.
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