First Mover Asia: Crypto flat as traders see the Fed easing back on interest rate hikes; Japan's SquareEnix is making a rare move by moving ahead with Web3 Gaming — but is Japan's law ready? thesamreynolds reports
Japan’s gaming industry has produced some of the world’s most recognizable intellectual property with its best-selling franchises.
Although Square Enix isn’t as large as Nintendo or Sega, among gamers that are fans of Japanese RPGs the company holds plenty of clout. Officially licensed non-fungible tokens of some of Square Enix’s best-known characters, like Final Fantasy VII’s Sephiroth or Cloud Strife would definitely be a hot commodity with fans.But Square Enix will be up against regulations in Japan that many legal experts believe would be hostile to Web3 gaming, classifying it under the country’s gambling framework.
The Premiums and Representations Act, So & Sato wrote in a paper, regulates the free provision of goods and services by a business which aims to induce potential customers to buy the business’s products or services., Axie Infinity’s gameplay structure would constitute gambling according to So & Sato’s analysis.
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