The Japanese Government Will Promote the use of Web 3.0

The third generation of the internet, known as “Web 3.0,” is fuelled by blockchain-related technologies, including the usage of cryptocurrencies, non-fungible tokens (NFTs), and decentralised autonomous organisations (DAOs). Globally, there is a growing trend toward adopting tokens, such as crypto-assets and NFTs using blockchains, to manage and utilise data.

However, some company owners who are interested in Web 3.0 are leaving Japan in search of chances abroad, thus changes to the Web 3.0 business climate in Japan need to be made faster.

Web 3.0 Policy Office

The Web 3.0 Policy Office was established by METI to produce policies via coordinated efforts by enhancing the foundation for creating the business environment in connection to Web 3.0 to address these problems. It will bring together all governmental entities in charge of Web 3.0 and act as a cross-departmental internal organisation.

These include the divisions in charge of corporate systems, taxes, and industrial financing, as well as those in charge of media and content, sports, fashion, and the other allied businesses.

The office will function by asking stakeholders for information on the difficulties facing the Web 3.0 business environment in Japan and abroad. This program should assist in halting the country’s loss of Web 3-related companies.

According to a local report, the approved measures are a part of the “Basic Policy on Economic and Fiscal Management and Reform 2022” and are intended to create new value by promoting blockchain and digital assets while enabling users to manage and use their own data on a more decentralised and dependable digital platform.

Additionally, the nation intends to advance its fintech industry by creating a method for raising money using security tokens, lowering the criteria for evaluating cryptocurrencies.

Through cooperation with the agency and other significant ministries, the framework for analysing business environment problems related to Web 3.0 will be improved.

The ministry recognises that as metaverses take on new roles as personal interfaces, especially among younger generations like Generation Z, digital locations and assets might become noticeably more relevant. Their market value can likewise increase significantly because of this.

Association of Japan's Virtual and Cryptographic Asset Exchange

The local organisation that oversees cryptocurrency exchanges in Japan, the Virtual and Crypto Assets Exchange Association (JVCEA), is now debating how to do away with the stringent listing requirements for cryptocurrencies.

Japan’s digital assets market has been struggling with self-regulation for a while now. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) has been instructed to step up its efforts to establish important laws by the Financial Services Authority (FSA), which oversees the country’s financial markets.

According to those with knowledge of the situation, the Japan Virtual and Crypto assets Exchange Association, which regulates digital currency listings, has discussed allowing local exchanges to list cryptocurrencies without going through its screening procedure.

The self-regulatory organization would change its existing position and concentrate on monitoring the assets after they are listed rather than taking part in the listing process, the sources said, requesting to remain anonymous because the negotiations are confidential. In case issues occur after they begin trading, it is also examining whether member exchanges need to be compelled to delist digital tokens, according to the statement.

Initial Group of Study Programs

The University of Tokyo, often known as Todai, revealed its first line-up of academic programs was in July. Students from high school through working adults were able to enrol in the courses.

Other noteworthy Metaverse usages in Japan in recent months include the opening of a virtual support room for Hikkikomori on the SecondLife Metaverse platform, as well as the inauguration of 29 trade schools affiliated with the NSG College League in Niigata in the Metaverse in 2022.