Despite running one of the biggest decentralized gambling hubs in the cryptocurrency space in TronBet, Tron has revealed its support for the Japanese government in shutting down gambling dApps on the blockchain.
Agreeing with the Law
The cryptocurrency community has always shown a penchant, no matter how little, to navigate situations without being held to governmental stipulations. This is why it has succeeded explosively within a decade, thriving on a decentralized community and a defining a whole new ecosystem itself.
The crypto sector has less than a solid regulatory framework, but a few crypto companies such as Ripple, Gemini, and even Bitmain have in the past shown their willingness to work with the authorities and be as transparent as possible. Tron has seemingly followed in this trend and has announced its decision to support the Japanese Government against gambling platforms and the rising number of gambling decentralized Apps on the Tron blockchain.
TRON foundation made an announcement on its official blog that the company would be supporting the removal of decentralized gambling applications from the TRON blockchain. This decision comes after pressure from the Japanese regulatory agencies which have been clamoring for the removal of crypto backed gambling applications. TRON has finally decided to heed the issues raised and has even decided to take it up a notch. A part of the company’s publication read:
“TRON strictly conforms with relevant laws and regulations in Japan. TRON does not encourage or recommend any gambling DApps regarding the Japanese market. TRON suggests Japanese DApp developers not develop any gambling DApps on TRON’s platform.”
What It Means for TRON’s platform
Just over a year after TRON (TRX) began supporting decentralized applications in 2017, the company and its blockchain platform has grown incredibly in terms of scalability and size, the former inducing the latter. The TRON token is currently the 11th biggest in the world by market capitalization, and TRON platform now hosts the most decentralized applications after Ethereum. Barely a year since its launch, TRON now seems to be the biggest challenger and competitor to Ethereum in terms of Decentralized Apps.
While the recent move by TRON is diplomatic and calculated as they seek to agree with existing laws, a significant number of users might not love TRON’s slightly obsequious stance. It wouldn’t seem to matter much on the long term though; it is just a testament to how far TRON has come and grown.