Crypto Gambling Regulations Struggle in Japan
Japan usually embraces new technology in all forms. However, the Japanese government is very cautious when it comes to dealing with the gambling industry. Stringent gambling laws make it very difficult for blockchain gambling startups to enter the Japanese market.
TRON’s decision to start blocking all blockchain gambling DApps on Japan’s territory came as a massive blow to some businesses already accepting players from the land of the rising sun.
TRON promised to cooperate with the Japanese authorities to enforce national regulations. Gambling DApps developers are advised to block Japan IP addresses.
It is rumored that TRON’s CTO, Lucien Chen, resigned his post because he believes that the project should not get involved in issues of national regulations. Some see it as a sign of unnecessary centralization.
Is there a future for crypto gambling in Japan?
Japanese sports fans are keen to use online sports betting websites thanks to the growing popularity of the US and European sports such as football and basketball. Right now, most are using international online gambling platforms. It means that players have to pay commissions and currency conversion fees to see withdrawn winnings in their Japanese bank account. Because of that many turn to offshore Bitcoin casinos.
Legalization of online gambling platforms is only a matter of time for Japan, according to opinions from some government officers. Global demand for online gambling services is growing, and Japan is sure to join. That is where DApps and cryptocurrency can be useful. Blockchain-based solutions offer much lower costs and better user experience. It would be wise to make them legal as soon as possible on the national level and collect taxes instead of just leaving that money with offshore companies.
Your comment has been sent successfully.
More from Blockchain News
- Crypto Gambling Regulations Struggle in Japan
- Mind-blowing facts about cryptocurrency thefts
- The MFSA Advises to Watch Out for “Bitcoin Revolution” Scam
- Ethereum, TRON, and EOS Effect on the Gambling Industry
- New Hong Kong Regulations for Cryptocurrency Exchanges and Funds
- VISA Wants to Launch Blockchain Digital ID System in Q1 2019
- First Newly Regulated ICO in Bermuda