Netmarble, the South Korean video games giant, has achieved a significant breakthrough in blockchain gaming with its subsidiary’s coin, MarbleX’s MBX, set to be listed on the Japanese crypto exchange Zaif. This development marks the first instance of a South Korean gaming firm listing a token in Japan, a market that has been traditionally challenging to penetrate due to strict listing protocols. The listing of MBX on Zaif comes after almost four months of MBX being placed on the Japanese whitelist.
Challenges in Crypto and Blockchain Game Development in South Korea
South Korean firms have been actively striving to advance in the field of crypto and blockchain game development. However, they have faced obstacles imposed by domestic regulators. The South Korean government has maintained a ban on initial coin offerings (ICOs), despite promises of a review and calls to lift the ban from the nation’s central bank. Furthermore, play-to-earn gaming titles are prohibited, driving many game developers to explore opportunities in overseas markets.
Japanese crypto exchanges have traditionally implemented a rigorous listings protocol, with exchange representatives and self-regulating bodies cautiously evaluating projects before adding them to a shared whitelist. The final decision lies with the Financial Services Agency, Japan’s top financial regulator. While this framework has previously posed challenges for South Korean gaming firms, recent months have seen a shift in Japan’s regulatory stance. Inspired by Prime Minister Fumio Kishida’s pro-Web3 stance, crypto exchange regulators have started to relax their token listing policies.
The Historic First for MarbleX
In July, MarbleX achieved a historic milestone when its MBX token became the first South Korean blockchain game project to be included in the Japanese whitelist. However, it has taken almost four months for an exchange to take the decisive step of listing the coin. Zaif, the Japanese crypto exchange, announced a pre-listing event where it would offer a 10% discount on pre-listing coin orders placed between October 6 and October 10. The minimum order quantity for MBX buyers is set at approximately $67, with a maximum order cap of around $3,358.
Recent reports from South Korea suggest that Japan is poised to become a “crypto El Dorado” while South Korean authorities contemplate strengthening regulations. In contrast, Japan actively seeks to deregulate its crypto sector, creating a favorable environment for crypto-related businesses. This divergence in approach has left South Korean gaming firms in a state of uncertainty, as they strive to make progress in their home market.
Gaming regulators in South Korea have also enacted stringent anti-non-fungible token (NFT) regulations, restricting game developers’ access to their own domestic markets. This regulatory framework has posed challenges and limited opportunities for South Korean game developers in utilizing NFT technology to enhance their gaming experiences.
Netmarble’s subsidiary, MarbleX, has achieved a significant breakthrough in blockchain gaming with its MBX token listing on the Japanese crypto exchange Zaif. This development marks a historic milestone for a South Korean gaming firm. While South Korea’s crypto and blockchain game development faces regulatory hurdles, Japan’s deregulatory approach positions the country as an attractive destination for crypto-related businesses. The listing of MBX on Zaif represents a step forward in bridging the gap between the two markets and potentially opening doors for further collaborations in the future.
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