Enjin-backed Efinity Token (EFI) has received approval from the Japan Virtual and Crypto Assets Exchange Association (JVCEA). Thus, it became possible for Japanese crypto-asset providers to manage EFI.
Japan’s green list has 65 tokens including Enjin
However, JVCEA has currently only approved 65 tokens, including Bitcoin (BTC) and Ethereum (ETH). Efinity Token (EFI) is also among a handful of approved metaverse coins, with Enjin Coin (ENJ), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ) and Klaytn (KLAY).
cryptocoin.com As you follow, Enjin Coin became the first metaverse coin to be approved in 2021. Thus, ENJ and SAND become the only metaverse coin among the 22 JVCEA ‘Greenlist’ tokens. Meanwhile, it should be noted that the Enjin team is one of the main contributors to Efinity.
Japan’s view of crypto regulations
JVCEA regulates crypto asset providers under Japan’s Payment Services Act. It conducts a long pre-scan for new tokens. This is part of the established and strict Japanese regulatory framework for tokens. Japan was described as ‘well developed’ and an ‘early mover’ in crypto regulation in a January 2023 Japan Times article.
Screenshot of the JVCEA announcement confirming EfinityLeading Japanese law firm Anderson Mori states that “a member must effectively obtain the approval of JVCEA before trading a new Crypto Asset.” It also notes that before it can be approved, a JVCEA member must submit an assessment report of this Crypto Asset to the JVCEA. A Japan Times article from January 2023 highlights:
There has been a move among some ruling Liberal Democratic Party lawmakers to make Web3 a pillar of Japan’s economic policy. One of the main goals of the LDP project team is to create a conducive business environment for Web3 and crypto firms.
Oscar Franklin Tan, CFA, Enjin Chief Financial Officer and Chief Legal Officer, said, “We are heartened to see that EFI has passed the rigorous Japanese screening process and facilitated development on Efinity by Japanese developers and users. We eagerly follow Japan’s Web3 push and regulatory reforms. We hope other governments take similar initiatives to help build the metaverse.”
Efinity’s background
Efinity is a Blockchain created specifically for Non Fungible-Token (NFT) transfers. The project makes NFT transfers cheaper, more efficient and more scalable with NFT-specific features at the protocol level. Meanwhile, Efinity is used by major game developers. Efinity’s features include fuel tanks that allow developers to subsidize users’ gas prices and make them invisible to them, facilitating general acceptance. These also include separate accounts that encourage new users to create wallets to try out NFT platforms by allowing developers to place NFTs on their wallet address before a user creates a Blockchain wallet to claim items at that address.
The current Enjin tech stack is envisioned to work seamlessly with Efinity, including the Enjin mobile wallet, upcoming marketplace NFT.io, and Enjin APIs for NFT integration. Since 2018, the Enjin tech stack has been the backbone of the world’s first NFT gaming ecosystem. It also allowed even indie game developers to integrate NFT functionality without knowledge of Blockchain coding. Enjin Chief Technology Officer and co-founder Witek Radomski wrote the ERC-1155 standard for NFTs.
