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Japan Struggles With Regulating Crypto Gambling, Cryptocurrencies such as Bitcoin have gained a prominent position in the world’s real money online gaming industry over the past few years. Ease of use, no or low transfer fees and the anonymity of user’s personal financial information have translated well to online gambling applications.
In a recent post on Yahoo Finance by ArmyOfBitcoin.com, the issues facing crypto gambling in a highly regulated country like Japan were discussed in length. Despite the favorable business environment for crypto companies such as Fintech, online gambling has had its issues in this country. Most of the problems are tied to the strict gambling restrictions in place.
Earlier this year. Tron announced it would block gambling DApps in Japan. This is a blockchain-based decentralized application (DApp) platform. This was done to remain compliant with current local laws on a global regulatory basis. A special mention of Japan as a prime example was noted in the decision.
Tron has gone on record as stating that it does not “encourage or recommend any gambling DApps regarding the Japanese market.” The company added that Japanese developers should also refrain from any gambling DApps on the Tron platform. Active users with a Japanese IP address will be blocked.
The company is also cooperating fully with the Japanese government to enforce these restrictions. This pertains directly to any Tron DApps that violate Japanese laws and regulations.
This issue questions Tron’s commitment to its decentralization efforts. Lucien Chen is the former chief technical officer for Tronix ($TRON) as well as one of the company’s co-founders. He suggested that the company’s decentralization efforts are no longer true to the original mission. He was quoted as follows:
“The reason for leaving is very simple. As a technical man, I feel very sad that Tron has departed from the faith of ‘decentralize the web.’”
Another stumbling block to the growth of cryptocurrency transactions is Japan’s heavy reliance on cash transactions. It is estimated that nearly 65 percent of transactions take place with the use of cash according to Nikkei research.
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