An organization working in Japan is working to find some new ways to explain regulations. For this, they are reviewing illegal activities in the blockchain gaming community. The Blockchain Contents Association, BCA, has announced on March 24 that they have been preparing new guidelines for dealing with the laws that are relating to different types of gambling and online scams.
BCA is a Japanese self-regulatory company. It was established in February of 2020. The organization is working to promote customer protection for different types of blockchain-based content, such as gaming and social media.
While many Japanese communities have proposed the construction of casinos, in most cases online and casino gaming is still illegal under local law. The guidelines of the Tokyo-based organization are its first efforts to help blockchain gaming developers to avoid different kinds of irresponsibilities.
The guidelines put together by the organization also comply with relevant laws regulating the gaming sector in Japan. One of the aims of the jobs that the organization is doing is to clarify what is actually known as gambling under Japanese legislation to blockchain developers.
Blockchain technology is very popular in Japan, and there are many things that are being done with the involvement of this incredible technology in Japan.
Gambling in Japan
In Japan, most of the forms of gambling are banned by the Criminal Code chapter 23. However, there still are some exceptions in the country, for example, horse racing betting and certain motorsports are completely legal.
Even though it is illegal, there are many casino enthusiasts in the country working very hard to make it legal, but they’re almost no signs of that. Gambling, in general, is very popular around the world, there are many countries that are promoting the field by adopting regulations that actually help both, the gamblers and the gaming platforms.
In Japan’s case, however, there were discussions about making the gambling industry either completely owned by the government or outsourcing it to tourist-heavy areas on Japan’s beaches. Naturally, none of those laws have passed yet, and most of the local population simply plays Pochinko, a local game that is not necessarily labeled as gambling.
The plan of making the gambling industry a government-owned enterprise was very reminiscent of discussions in countries such as Austria, where multiple business owners had to gather and provide clear evidence that it was a bad idea. The evidence was mostly pointing to Scandinavian countries, but it quickly became apparent that Austria was pretty much the same market. The Spinia casino Osterreich was one of the few that was outspoken about this issue mentioning that statistics show government-owned enterprises are much more damaging to players as they have a lot more confidence in the service as opposed to privately owned casinos. Because of this risk management simply goes out of the window.
Unlicensed and unregulated companies are easily able to access the market and the locals are more than happy to play with them, due to how inherently unfair the government usually makes their gambling venues. Overall, Japan is so far on the right path.
Why is blockchain gaming popular in Japan?
In 2018, Japan was one of the top 3 markets in digital gaming. The revenue in 2018 was as much as $19B. It was also a leader in the blockchain gaming market. There are several reasons why Japan managed to become the leader of blockchain gaming.
As the leaders of the Japanese market say, blockchain gaming opens new opportunities for developers. The great thing about blockchain gaming is that gamers can actually collaborate with game developers, which results in improved games.
Probably one of the biggest reasons for the huge success of blockchain gaming in Japan is the regulations that are in place in the country. The government of Japan took a very good regulatory approach to blockchain technology.
What they did was that they viewed blockchain objectively. Unlike many other countries, they understand from the very beginning that the blockchain was a revolutionary technology and that the leader in this field could have the ability in the future to stand as the leader in the world market.
What the Japanese government did was that they saw the field as something that could have the potential to change the whole country, and they have regulated the field so that it would be protective and progressive for both, citizens of the country and the blockchain industry itself.
For example, Japan is one of those countries where trading cryptocurrency is very much legal as long as it meets the requirements set by the authorities. Though the registration to complete verification needs some time and is a very complex process, it still is very much legal. These regulations have resulted in this field to develop further which not only benefits Japan but the whole world.
Concerns
Even though the country has a very progressive view of blockchain technology, there still are some concerns that should not be ignored. The thing is that, for blockchain to be successful in the future, it needs involvement from different entities, such as the private sector, the government, and international bodies. The thing is that the world needs to understand that the Blockchain is very important for the future development of the world.
Something that can be a problem for further adoption of blockchain in Japan is investments. Though there are many companies working actively to develop this technology, there are still many fewer investments compared to countries like China.
The further development of the field requires the hard work of everyone involved in the field. This involvement could lead to other industries to start using blockchain technology in their fields, and this is very important. It is not a shocking fact that Japan is heading in the right direction for the development of the field, but the question is if the things that Japan is doing will be enough for the future of blockchain technology. Whatever happens, even though there are many countries fighting for the leading positions, it is a fact that Japan is on its way to becoming the hub of the sector.
