Japan is developing policies and guidelines for stablecoins, NFTs, and DAOs, signaling an active warm welcome of a Web3 future.
While many countries are still on the fence about Web3, Japan is seizing the opportunity and being proactive in pushing forward policies to lead the country into a new era. Though Japanese policies are usually bureaucracy-driven, in the case of Web3, a small, but vocal, group of Japanese politicians are taking initiative by proposing policies and publishing reports in an attempt to edge the country closer to a Web3 future.
Web3 aligns with the economic revitalizing goals of Fumio Kishida, Japan’s incumbent prime minister. Kishida, president of the Liberal Democratic Party (LDP), is hoping for Web3 to attract new investment to Japan and stimulate economic growth. In July 2022, Kishida’s administration also opened a dedicated Web3 policy office under the Ministry of Economy, Trade, and Industry, serving to “develop the business environment for Web 3.0.”
A recent proposal on Web 3 policy from the LDP, states, “This is an opportunity for Japan to vigorously promote the development of an internationally competitive Web3 business environment as a part of its national strategy.” The proposal touched upon market problems of 2022, yet showed unyielding optimism toward the future of Web 3. This optimism comes from knowing that, in Japan, crypto has successfully weathered strong storms.
Japan was one of the earliest countries to take action on crypto after being struck by several scandals, including crypto exchange Mt. Gox being hacked in 2014, and the subsequent hacking of exchange Coincheck in 2018. Legal revisions were made to strengthen regulations, which made Japan lose the potential to be the top crypto hub of Asia.
However, Japan’s fall from the spotlight only gave it more time to straighten things out with stronger oversight and better policies. During the collapse of the crypto exchange FTX, Japan’s regulations successfully protected users’ assets. “Japan has had its own share of trials and tribulations when it comes to incidents relating to crypto, but these challenges have made the country stronger,” shared the CMO of top crypto exchange LBank Kaia Wong.
“It’s great to see a country have such tremendous faith in the development of Web3. No doubt that more countries will follow suit. Japan is a fascinating market and will surely see a lot of growth in the coming years.” Wong added.
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