The Japan Virtual and Crypto-assets Exchange Association (JVCEA) has given its regulatory approval to $EFI, the native token to Efinity, a blockchain purpose-built for the transfer of NFTs. This development paves way for Japanese crypto-asset providers to handle $EFI. Given Japan’s stringent and time-consuming pre-screening for new tokens, this is a major milestone for Effinity.
In accordance with the Payment Services Act in Japan, JVCEA oversees the crypto asset industry. Any company that wishes to start dealing with a new crypto asset must first get the green light from the body. Additionally, applicants are obligated to provide the JVCEA with an evaluation report of the crypto asset in question before approval is granted.
Efinity’s mission and why getting approval in Japan is a big deal
Incorporating protocol-level NFT-specific features, the Effinity blockchain reduces the cost of NFT transfers while simultaneously increasing their efficiency and scalability. Becausee of this, more and more games are being built on it by leading studios. The growth of effinity has been aided by the efforts of many, with Enjin being a key contributor.
The Enjin platform has been used extensively in cutting edge advertising and marketing initiatives, as well as blockchain games, apps and enterprise programs. Also, the Enjin mobile wallet, the soon-to-be-launched NFT.io marketplace and the Enjin APIs for NFT integration are all expected to work in tandem with Efinity.
In the Polkadot ecosystem, Efinity is the first NFT parachain and the sixth to launch. Its “fuel tanks” enable creators to cover users’ gas fees, making the subsidy undetectable and paving the ways for widespread deployment. A countable number of metaverse and gaming tokens like Enjin Coin (ENJ), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ) nad Klaytn (KLAY), have been accepted in Japan and now $EFI has joined this short list.
Japan is one of the foremost global leaders in the development of the Web3 economy. Nonetheless, the country has implemented rigorous rules to protect consumers. Now that Efinity’s EFI token has been approved after the stringent JVCEA vetting procedure, developers and consumers in Japan can confidently build on the platform.