TRON Foundation, the main organization supporting the ongoing development and day-to-day operations of Tron (TRX), one of the world’s largest platforms for building and deploying decentralized applications (dApps), published a blog post on March 31 in which they have made some clarifications regarding creating gambling-related dApps.
Notably, one of the most widely implemented use cases for blockchain technology on cryptocurrency or tokenized platforms have been gaming and gambling-related apps. However, the digital asset space is still its early stages of development and most jurisdictions have not yet prepared a comprehensive regulatory framework for cryptoassets.
TRON Foundation Clarifies Its Stance on Gambling dApps In Japan
Acknowledging that it has been “striving to promote blockchain technology” while encouraging software architects to build a diverse set of dApps on its network, the TRON Foundation has clarified in its official blog post that it intends to “adhere to local laws and regulations across the globe.”
According to the TRON Foundation’s blog, the organization aims to “strictly conform with relevant laws and regulations in Japan.” Moreover, the foundation’s blog mentions TRON “does not encourage or recommend any gambling dApps [for] the Japanese market.”
TRON Suggests Blocking Japanese IP Addresses
Notably, TRON also “suggests [that] developers who are working on gambling apps block users with Japanese IP addresses.” It adds that programmers who are building gambling-related dApps on TRON’s platform should refrain from “facilitating the use of gambling apps among Japanese users.”
The foundation also noted TRON will “collaborate with [the] Japanese government and provide necessary support if any [TRON-based] dApps violate Japanese laws and regulations.”
TronBet Records Over $40 Million In Weekly Profits
As CryptoGlobe reported in early March 2019, TronBet, a decentralized betting platform deployed on the Tron blockchain, had recorded an all-time high in weekly profits of $41 million.
Twitter user vance revealed (at that time) that users had been wagering huge amounts through TronBet – as the app had reportedly been averaging daily profits worth between $75,000 to $100,000.
The user had also pointed out via the microblogging social media network that the “top user” on TronBet had “wagered $98 million” and “the top 20 users” had “wagered $455 million” in only a 1-week period. According to these estimates, the TronBet dapp may have recorded profits of almost $36 million “with [a profits to earnings] P/E ratio of 1,” vance claimed.