Japan’s Financial Services Agency (FSA) recently announced plans to reform the country’s Crypto Regulation, aiming to stimulate the growth of the blockchain gaming industry. The move is designed to help companies manage digital currency assets more effectively by revising the existing Payment Services Act and creating a new legal structure for managing digital currencies in games.

The Financial System Council, Japan’s policy-making body, is leading the initiative to encourage innovation and development in the local web 3 gaming sector. This is a significant shift from Japan’s historically strict stance on gaming and gambling, signaling an openness to blockchain technology and encouraging a more accommodating environment for the gaming industry.