Japanese GameFi Community Seeks Government Support

The Japanese GameFi community seeks assistance from the Liberal Democratic Party to enhance cryptocurrency liquidity.

The Japanese GameFi community has attempted to boost Japan’s cryptocurrency asset market liquidity by approaching the Liberal Democratic Party (JDP) for assistance.

Ryo Matsubara, director of Oasys, a GameFi blockchain paid a visit to the offices of the LDP’s digital society promotion on February 21. He was there on behalf of Japanese GameFi community to discuss the current situation.

Matsubara noted that the recently enacted taxation legislation and the LPS Act make it easier for new businesses to get off the ground. On the other hand, he expressed concern about the stringent laws that have resulted in a lack of liquidity in Japan, which is immediately detrimental to the expansion of the GameFi ecosystem and the GameFi community.

“If Japan recovers its liquidity, it will be the hottest market as we have a lot of attractive content.”

Implementing regulations that encourage GameFi community to securely engage in cryptocurrencies and the blockchain economy can lead to an immediate increase in liquidity due to the influx of additional buyers and sellers.

Oasys plans to continue working with the government to guarantee that the Japanese Web3 market will remain competitive worldwide. On the Web3 platform, Matsubara is confident that Japan can regain its legendary gaming history.

At first, Japan had a very negative attitude regarding using cryptocurrencies. Recently, the country has taken a more positive attitude toward the technology.

According to reports, the Japanese government started preparing in September 2023 to allow entrepreneurs to raise public financing by issuing crypto assets.

During that period, the Prime Minister of Japan, Fumio Kishida reaffirmed the nation’s dedication to promoting the Web3 business. It was also brought to his attention that it could revolutionize the internet and spark societal change.

The Financial Services Agency, Japan’s primary financial regulator has proposed several steps to safeguard consumers from “unlawful transfers” to cryptocurrency exchanges.

One of these policies has the potential to significantly complicate the market for peer-to-peer transactions within the cryptocurrency industry.

There are numerous necessary measures that the Financial Services Authority (FSA) and the National Police Agency (NPA) referred to to persuade banks to protect their customers.

“Stopping transfers to crypto-asset exchange service providers if the sender’s name is different from the account name.”

The Japanese version of the news release explains that they should extend the suspension of cryptocurrency transfers with mismatched names to cover both individual and business accounts.