Cash, Coins and Casinos: Japan Struggles to Regulate Online Gambling

gepubliceerd op by Cointele | gepubliceerd op

Vermeld in dit artikel
Despite Japan's reputation for being one of the most welcoming nations for fintech, online crypto gambling has struggled to take off in light of the country's strict regulation.

In late March, the blockchain-based, decentralized application platform Tron announced that it would block gambling DApps in Japan, bringing the issue of regulating crypto gambling back to public attention.

Cointelegraph takes a look at the legal and cultural approaches to gambling in Japan, along with how developers believe attempts to halt crypto gambling can only last so long.

Tron complies with Japanese legislationOn March 31, Tron announced in a press release that it would remove gambling DApps in Japan in order to comply with local regulation.

With special mention of Japan, the company said that it does not "Encourage or recommend any gambling DApps regarding the Japanese market." Additionally, Tron suggested that Japanese developers should not attempt to develop any gambling DApps on its platform and for developers to actively block users that are found to have Japanese IP addresses.

"The former Horse Racing Law came into force in 1923, and horse racing was legalized. And after the Pacific War, Keirin, boat racing and auto racing 3 races were approved as legalized gambling in order to use the profit for economic reconstruction. Gambling officially licenced in Japan is the only of these four games."

"Illegal gambling is also popular in the underground. There are unofficial casinos where you can play baccarat or poker in downtown Tokyo and Osaka. Sports betting for baseball and sumo wrestling is also popular. It is the yakuza that manages these illegal gamblings, but many of the players are general citizens."

Prevalent the actuality of gambling in Japan may seem, support for the industry is by no means universal.

Despite the apparent attempts from the government to show a tough stance toward gambling and a desire to develop the industry on its own terms, innovators within the industry still remain cautiously optimistic that both crypto and blockchain gambling are compatible with the new era.

"The biggest problem when Japanese people play with overseas online gambling companies is the complicatedness of payment and withdrawal.

x