Japanese telecom companies jump into crypto sector, plans to launch Crypto wallet
Two major Japanese companies collaborated to provide secure handling of crypto assets to gamers.
Japan is a crypto-friendly jurisdiction, allowing legal investments and transactions in cryptocurrencies. The Payment Services Act defines crypto-assets as non-fiat payment methods usable for payments to unspecified parties. Crypto companies must register with the FSA to operate in Japan’s market.
Japan’s biggest telecoms provider Nippon Telegraph and Telephone (NTT) Digital plans to launch its wallet by the end of 2024, in collaboration with the US-based now.gg platform.
Its NTT Digital arm is dedicated to web3 and blockchain technology.
Under the development Crypto wallet will be available to use for only corporate business i.e. it will be a B2B service and the company aims to offer it to clients and game providers a safer and more secure way to handle crypto assets.
Along With crypto assets holding support, the wallet will also allow to receive NFTs, which will be helpful for game projects.
All these developments showed that Japanese companies are not hesitating to go with crypto & blockchain technology adoption.
In Dec 2023, Japan introduced new changes in the crypto tax reporting rule, to give more ease on holding crypto assets.
Gaming sector vs Crypto
In the last few years, many big gaming companies tried their best to introduce crypto, NFTs, & blockchain technology in gaming projects but in the major cases they faced opposition from the gaming community.
In the majority of the cases, gamers alleged that the gaming companies introduced the Crypto concept in games just only to generate money.
In response, some gaming companies executives said that they’re failing to introduce blockchain & crypto technology more perfectly in the game products & this is the main reason behind the backlash.
