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Increased hostility to new Web3 technologies such as cryptocurrencies threatens to erode Japan’s status as the world’s gaming capital. We are approaching a point of no return. Here’s why.
No one knows where the state hostility to cryptocurrencies started and why it continued after the 2021 “boom” of non-fungible tokens (NFTs) and cryptocurrencies. , still-on-going Europe will get rid of its initial cosmic loathing and finally open up to regulation. The White House has just released its first crypto regulatory framework in September 2022 and the European Parliamentary Commission has voted in a landslide for his crypto market framework, also known as MiCA, in October 2022.
Approved by As Europe’s first cryptocurrency directive, the controversial MiCA text represents a revolutionary step in what many see as the future of finance. But Japan has a very different attitude.
We all know Japan has been home to gaming giants like Nintendo and Sega for decades, with victories like Super Mario, Sonic the Hedgehog, Sega’s Mega Drive, and Game Boy. But to stay on top (pun intended), the industry must be able to change consistently and rapidly with the times and not get stuck where it was first recognized.
The world of cryptocurrencies and technology, two of the major stages of exciting and rapidly evolving progress in modernization, is being held hostage in Japan by key factors such as taxation and complex validation processes.
Gaming is a highly creative field, and there are always technologies to support its extraordinary potential. But to do that, we must be able to keep up with new and evolving innovations. Otherwise, you will become stagnant and lethargic. GameFi is an emerging area of interest with great potential in the industry. But if you look closely, there are very few Japanese companies that have developed his GameFi space within a decade to a few years. And if that doesn’t change soon, the entire industry is at risk.
In Japan, there is no reason to properly account for crypto-assets and no auditor wants to audit crypto-assets. The process of listing a coin in Japan can be confusing and frustrating due to the strict listing rules introduced by the Financial Services Agency. Waiting six months for verification is needlessly discouraging.