Malaysia, February 7, 2023-The Infinity Token (EFI) was approved by the Japanese Virtual and Cryptographic Property Exchange Research Association (JVCA) on January 26, 2023, allowing Japanese cryptographic property service providers to solve EFI.

As of February 1, JVCA has approved only 65 tokens, including BTC and ETH. EFI has joined a very small number of approved metauniverse/game tokens, including Enjin Coin (ENJ), The Sandbox (SAND), Axis Infinity (AXS), Chiiz (CHZ) and Klayn (KLAY).

In 2021, ENJ became the first approved metaverse/game token. ENJ and SAND are the only meta universe/game tokens among the 22 JVCA "green list" tokens. Enjin team is the key driver of Infinity.

Strict Japanese policies and regulations

JVCA controls cryptographic property service providers in accordance with the Payment Services Law of Japan. This requires long-term pre-selection of new tokens. This is also part of the strict token control framework created by Japan. In the article of Japan Daily in January 2023, Japan was called the "capitalist country" and was the "pioneer" of encryption regulation.

Screen capture of JVCA publicity (with English translation)

Anderson Mori, a well-known Japanese law firm, wrote that "team members must obtain the approval of JVCA before solving a new encryption property", and JVCA team members must submit the analysis report of the encryption property to JVCA before approval.

An article in Japan Daily in January 2023 said: "Some ruling Liberal Democratic Party legislators launched a campaign to use Web3 as the support of Japan's national economic policy.". "One of the main goals of the LDP project team is to create a friendly business environment for Web3 and encryption enterprises."

Oscar Franklin Tan, chief operating officer and top legal and regulatory officer of Enjin, said:

"We are glad to see that EFI has promoted the basic construction of Japanese developers and users in Infinity through the strict selection process in Japan. We all care about Web3 in Japan to promote regulatory reform and innovation. I hope other governments can make similar efforts to help build the metauniverse."

Infinity environment

Efinity is a blockchain technology customized for non-cashable dynamic password (NFT) transmission. According to the special role of protocol level NFT, NFT transmission is cheaper, more effective and more scalable. Efinity is also applied by key game real estate developers.

The features of Efinity include the oil tank, which also enables the real estate developers to subsidize the gas cost of customers, and then make them invisible, thus promoting popular selection. This account also includes discrete variable accounts, which allow developers to put NFT in the wallet address before customers build blockchain wallets to get the items in the detailed address, and then encourage new customers to build wallet to try the NFT service platform.

The existing Enjin technology stack is expected to operate seamlessly with Infinity, including the Enjin mobile wallet, the upcoming sales market NFT.io and the NFT-integrated Enjin API. Since 2018, the Enjin technology stack has been the support of the world's first NFT game ecosystem, and even allows individual game developers to integrate NFT functions without the necessary knowledge of blockchain technology coding. Witek Radomski, technical director and founder of Enjin, wrote the ERC-1155 specification of NFT.

Efinity is Polkadot's sixth quasi-chain and the first NFT quasi-chain. Among the Polkadot ecosystem tokens, except for Polkadot (DOT), only EFI and Astar (ASTR) established in Japan have been approved by JVCA.

About Enjin

Enjin is the leading ecosystem of NFT, bringing a comprehensive set of commodities for the establishment, trading, distribution and integration of NFT. As a scalable and browsable channel, Enjin's professional technology has been widely used in blockchain games, application software, enterprise planning and innovative marketing theme activities. The Enjin ecosystem is promoted by Enjin Coin, which is a good token to support the meaning of blockchain assets. So far, more than 1 billion Enjin driving force properties have been created. For additional information, please visit enjin.io.

Media query

Divine dimension Enji

Oscar Franklin Tan, Chief Operating Officer and Top Legal and Regulatory Officer

Marian Vanslembrock, Head of IP and Content

pr@enjin.io