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Japan’s financial regulator, Financial Services Agency (FSA) is reportedly determined to introduce major reforms to the nation’s crypto gaming laws.
Local Asian media outlet has reported that the FSA plans to discuss the introducing framework for facilitating crypto assets management by businesses.
Some officials from the Financial System Council are expected to ‘review and revise’ the existing Payment Services Act, which governs the use of digital currencies in gaming. These changes are aimed at simplifying the process for corporations to manage in-game crypto assets. As a result, more domestic companies would be encouraged to venture into the blockchain gaming sector.
Discussions regarding the same have already begun after some of the officials met on 25th September, indicating reforms in Japan’s crypto gaming space.
Japan has for long boasted of a robust gaming industry, but due to strict regulations many domestic companies are hesitant to embrace blockchain technology. With growing pressure from the industry, Japan is forced to reconsider its regulatory stance.
Japan’s media outlet, Nikkei has reported that the “upcoming reforms could ease the process for players to purchase in-game items using cryptoassets, aligning with practices in other countries”. Currently, existing Japanese firms using tradeable in-game currencies are required to show adequate funds to refund users in the event of a security breach, which has ‘proven burdensome’.
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