IOST Achieves Further Developments In The Compliance Progress of Japanese Blockchain Regulations

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IOST

4 min readOct 12, 2021

The growth in popularity of digital assets is coupled with increased regulations and guidelines by many countries and regions. As one of the most mature blockchain markets, Japan is also the earliest country to carry on regulations for the blockchain industry with legal assurance. The amended Act on Settlement of Funds was approved and effected in Japan on April 1st, 2017.

To comply with Japanese laws, IOST has been actively encouraging DApp development teams to build DApps of real usability while working with casino DApp teams for compliance solutions since September 2019.

Highlights

As the DApp compliance progress moves forward, we have witnessed many concrete achievements:

The Daily Active Users (DAU) of casino DApps is decreasing below 2% of all DApps
None of the casino DApps are accessible to Chinese and Japanese IPs
Transaction number and volume for casino DApps represent less than 3% and 0% of the total respectively
IOST extends cooperations with other high-quality DApp teams

A strong level of compliance is critical for any blockchain to reach out to more users in a sustainable manner. The efforts in compliance progress will boost the IOST’s long-term expansion in the Japanese market as well as many other countries to follow.

Here are more relevant information and details

End Users

IOST respects rules and regulations in every market. Hence, every casino DApp on IOST has been informed to block IPs of users from China and Japan and has never promoted DApps with risks among its community. Meanwhile, IOST will continue to do so in the future.

Open-Source Platform Management

As an open-source platform, IOST allows any developer to build upon its protocol. The Foundation communicates and offers suggestions regarding regulatory compliance to the developers regularly, from which to promote the construction of a valuable DApp ecosystem.

IOST DApp Ecosystem

At present, IOST has made a significant improvement as a public chain with a healthy and valuable DApp ecosystem. Based on the DAppRadar.com and DApp Review database, 76 DApps launched on IOST mainnet in the past three quarters, 2021.

It demonstrates a decreasing trend of the number of casino DApp and dropped from 10 to 8, compared with the last year’s data. The present IOST DApp ecosystem consists of 6 decentralized finance DApps (like IOST Voter, OTB decentralized exchange), 44 game DApps of various categories, such as Xpet, BlockArcade, CryptoNinja, etc.).

In addition, we can find more detailed variation from the bellowing charts with the three critical measurements and two-time dimensions: Daily Active User (as of October 10th), 7-Day Active User (as of Oct 3rd–10th); Number of Transactions (as of October), 7-Day Number of Transactions; 24H Transaction Volume (as of October 10th), and 7-Day Transaction Volume (as of Oct 3rd–10th). It shows that casino DApp users are decreasing from October.

IOST Advocates to Establishing Advanced Industrial Standards in Compliance Progress of DApp

As an open-source platform, IOST makes strong efforts in aligning DApp ecosystem through communication with developers and support for non-casino DApps of actual usability while ensuring the maximum level of decentralization of the mainnet and improving the DApp ecosystem at all levels. We are moving forward and growing the diversity and usability of DApp ecosystem.

About IOST

High fees and slower transaction times on the Ethereum network have left the door open for new solutions to emerge, and IOST is one such project that has been gaining traction since its mainnet launch in 2019.

Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflective of our true desire to be the best in the sphere.

Being one of the public chain leaders in terms of adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has the ever-expanding 500,000 community members in over 20 countries, over 400 nodes, a top staking economy, symbiotic relationships with corporations dotted worldwide.

If you would like to hang out with the IOST community on chat, social media, or to discuss product development, we have something for everyone:

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