The South Korean video game giant, Netmarble has made a significant stride in blockchain gaming with its subsidiary’s coin, namely MarbleX’s MBX. To its credit, this coin stands to be the premier token from a South Korean gaming firm to get listed on Japan’s crypto exchange, Zaif.
However, this progress doesn’t come easy. South Korean firms, despite their relentless drive to advance with crypto and blockchain game development, have often been obstructed by local regulations. Penetrating the Japanese market has, in past instances, also posed several challenges.
Japanese exchanges exhibit a stringent protocol for listings where they, along with self-regulating bodies, assess each project meticulously prior to adding them to a shared whitelist. The Financial Services Agency, Japan’s leading financial regulator, holds the ultimate authority in approving this whitelist.
However, in a shift from the norm, encouraged by Prime Minister Fumio Kishida’s pro-Web3 stance, the crypto exchange regulators in Japan are easing their formerly strict token listing policies. This was seen when MarbleX scored an exceptional victory with its MBX token turning into the premier South Korean blockchain game project to get enlisted on the Japanese whitelist.
While this progress is noteworthy, it took near about four months for an exchange, Zaif, to finally list the coin. As part of a pre-listing event, the exchange is offering 10% off pre-listing coin orders for MBX buyers, placed between October 6 and October 10.
However, this milestone should be taken with a grain of salt. While Japan is seen as the budding “crypto El Dorado,” the South Korean authorities are geared towards tightening regulations, leaving South Korean gaming firms in a bind.
This quandary is further exacerbated by the existing ban on initial coin offerings (ICOs) in South Korea, despite calls to end the ban from its central bank. This regulatory uncertainty coupled with a ban on play-to-earn gaming titles has urged many to explore overseas markets, hence, the breakthrough with Japan’s Zaif.
To add to these challenges, gaming regulators have also established rigid anti-NFT regulations, causing difficulties for game developers trying to reach domestic markets. Hence, while the listing of MarbleX’s MBX on a Japanese exchange is a commendable step forward, one cannot discount the potential hiccups lying on the road ahead that South Korean blockchain gaming firms may face.
Source: Cryptonews
