🎮 New opportunities for blockchain games! Japan Financial Services Agency plans to simplify crypto gaming regulations

BlockBeats news, on September 26, Nihon Keizai Shimbun reported that Japan’s Financial Services Agency (FSA) announced a major news on September 24: they plan to reform the country’s regulations related to encrypted games, aiming to simplify the handling of in-game encryption by enterprises. asset flow. This reform may significantly lower the threshold for Japanese companies to enter the blockchain game market and encourage more large domestic companies to enter the blockchain game field. Let us take a look at the main contents of this reform!

First, the Financial Services Agency will set up a special working group to amend the current Payment Services Act. This means that in the future, companies will have a clearer and simplified legal framework when dealing with crypto assets, reducing unnecessary red tape. This is great news for businesses looking to introduce cryptocurrencies into their games.

Second, discuss establishing new systems to streamline the process for businesses to handle crypto assets. The establishment of this new system will make it more convenient and efficient for companies to handle in-game crypto assets, reducing technical and legal obstacles. This would be a huge boon for businesses looking to introduce features such as cryptocurrency purchase of items into their games.

In addition, the reform may also reduce the burden on enterprises in terms of compensation fund preparation and other aspects. Currently, if an enterprise needs to provide functions such as virtual currency purchases in its own services, it must obtain a license from an exchange operator, which involves many aspects such as asset management and compensation fund preparation, which places a greater burden on the enterprise. By reducing these burdens, more companies will have the opportunity to enter the blockchain gaming market, bringing more innovation and development.

Finally, this reform is expected to make it more convenient to use cryptocurrency to purchase items in the game. For players, this means they can more easily transact with cryptocurrencies in-game, improving their gaming experience.

Overall, this move by the Japan Financial Services Agency has undoubtedly injected a boost into the blockchain gaming market. Although the reform is still in the discussion stage, we have reason to believe that it will bring more opportunities and challenges to the blockchain gaming industry.

Dear friends, what do you think of the reform plan of the Japanese Financial Services Agency? What impact do you think it will have on the blockchain game market? Welcome to share your views and insights in the comment area! 📢

Let us look forward to the bright future of blockchain games together!