Sega, Square Enix, Konami & More Join Crypto Firms in Japanese Blockchain Gaming Alliance

Last updated:

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Last updated:

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

Sega, Square Enix, Konami & More Join Crypto Firms in Japanese Blockchain Gaming Alliance

The Japanese gaming giants Sega, Square Enix, and Konami have joined the New York stock-market-listed crypto exchange Coincheck in a new blockchain games alliance.

Per a press release from the Japan Cryptocurrency Business Association (JCBA), the alliance also comprises the gaming firms COLOPL and Drecom.

Sega, Square Enix, and Konami Team Up With Coincheck and Others

Also joining the alliance is the play-to-earn gaming firm BrilliantCrypto, along with the Tokyo-based legal firms Mori Hamada & Matsumoto and Anderson Mori & Tomotsune.

The latter two are both members of the so-called yondai, or “big four” Japanese international law firms.

The new alliance will operate under the umbrella of the JCBA, and will officially be recognized as a subcommittee.

The JCBA also operates similar subcommittees for NFTs, Decentralized Finance (DeFi), and stablecoins.

The new subcommittee’s Chairman will be the Coincheck President Tomoyuki Isaka. Square Enix’s Keisuke Hata will serve as vice chair, with Konami, COLOPL, SEGA, and Drecom officials serving in executive roles.

The new subcommittee said it will devote its attention to “legal, accounting, and tax-related issues.”

It will also “aim to make cross-industry recommendations” and “consider the development of games” that “use” aspects of “cryptocurrency intermediation.”

It will also work on legal issues on the matter of NFTs and work on “case studies” to further its agenda.

Japan is famous for its strict regulation of both the crypto and gaming sectors.

Critics, however, say that a “lack of clarity regarding legal regulations, accounting, and taxation issues” have thus far held Japanese firms back from developing blockchain gaming titles.

Powerful Partnership?

The wider JCBA launched in 2016. Its membership has since grown to 155 firms. In recent years, it has also taken on self-regulatory responsibilities and often petitions the government on policy-related matters.

A graph showing Konami share prices on the Tokyo Exchange over the past five years.
Konami share prices on the Tokyo Exchange over the past five years. (Source: Google Finance)

Earlier this year, Konami announced it was working with the Avalanche blockchain on a new NFT trading platform.

Sega also spoke about both blockchain gaming and the use of NFTs in the gaming sphere last year.

Square Enix, meanwhile, has been pursuing a blockchain gaming-themed agenda for the past few years, despite pushback from gaming communities.

You May Also Like