Japan’s stance on cryptocurrency gaming has been troubling for the country’s position as a global leader in gaming. This is threatening the country from being competitive.
Unfriendly attitudes toward emerging technologies like cryptocurrencies run the risk of costing Japan its place as the world’s gaming capital. Here’s why we’re getting dangerously close to reaching a point of no return.
Nobody can be sure where the country’s antagonism to crypto originated, or why it still persists after the nonfungible token (NFT) and crypto “boom” in 2021. It wasn’t until 2022, when the US and Europe were finally on board with regulations, that there was a marked change of attitude.
When it comes to gaming, Japan produces some of the greatest games in the world. Nintendo and Sega are just two examples of how long-lasting success can take place in this sector of entertainment. In order to remain competitive, they need to remain up to speed with new innovations and evolving tech, or otherwise, they’ll become stagnant and lethargic.
Japan is currently undergoing a period of rapid and exciting development, but they’re stuck in a spot with crucial elements like taxation, licensing and complicated screening.
Due to the lack of experienced auditors in Japan, many cryptocurrencies are not properly monitored for their accounting procedures. Delays for listings can be frustrating and time-consuming both for the entrepreneur who wants to launch their project with a catchy name and successful token, and for investors.