Though Japan is one of the few countries that are embracing blockchain and cryptocurrency in both the public and private sectors, its government has moved to curb online betting.

This anti-gambling stance has prompted some platforms to make an announcement, warning Japanese developers against releasing decentralized applications (DApps) that allow gambling activities, according to Cointelegraph.

Earlier this year in March, Tron stated in a press release that it has removed gambling DApps from its platform in line with Japanese regulations. Moreover, the press release disclosed that it does not “encourage or recommend any gambling DApps regarding the Japanese market.” Tron warned Japanese developers not to develop DApps that deals with gambling on its platform and called on developers who discover any users with Japanese IP addresses to block them immediately.

The press release stated that Tron aims to comply with local laws of countries worldwide in its operations. Moreover, Tron added that it will cooperate with Japanese police and other state agencies if any DApps on Tron are found to violate local regulations or laws.

Japan is one of the nations most open to blockchain and cryptocurrency, with crypto serving as a legal form of payment. However, there are still several obstacles to Japanese society becoming cashless. Research conducted by Nikkei revealed that about 65% of all payments in the country are still made in cash. Another area that is holding back crypto activities is the tax rate for income generated from crypto trading, which can soar to 55% according to a Cointelegraph report.

Source: cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

• Telegram: https://t.me/asiablockchainreview
• Facebook: https://www.facebook.com/pg/asiablockchainreview
• Twitter: https://twitter.com/abr_blockchain
• LinkedIn: https://www.linkedin.com/company/asia-blockchain-review/
• Website: https://www.asiablockchainreview.com/
• Email: [email protected]
• Youtube: https://www.youtube.com/channel/UCMQ5CVu0c9-pMlwB8LUvkiA