Japan’s Ministry of Economy launches Web3 office

Japan’s Ministry of Economy launches Web3 office

The Web3 Policy Office will bring together regulators and creators to strengthen the policy-making process for crypto regulations

By Shashank Bhardwaj

Image: Shutterstock

In an announcement on July 15, Japan’s Ministry of Economy, Trade, and Industry (METI) declared the establishment of a Web3 policy office in the Minister’s Secretariat.

The office will bring together the departments in charge of media and content, sports, fashion, and other associated businesses, as well as those in charge of industrial finance, taxation, corporate systems (vehicles), and other business environment issues. The framework for analyzing business environment challenges connected to Web 3.0 will be strengthened through collaboration with the Digital Agency and other important ministries.

Elaborating on the mission for the office, the statement mentions, “Given that some entrepreneurs pursuing Web 3.0-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.”

According to the official report, the Web3 policy office’s goals include increasing opportunities for Web3-driven enterprises in Japan and highlighting the significance of crypto assets and Non-fungible tokens (NFTs). The ministry acknowledges that digital places and assets could become significantly more important as metaverses emerge as new personal interfaces, particularly among younger generations like Generation Z. This could also result in a sharp rise in their commercial value.
Describing the work of the Web3 office, the announcement stated, “The Web 3.0 Policy Office will gather information from business operators, investors, legal professionals, engineers, and other parties regarding the issues facing Japan’s and overseas business environments and work with the relevant ministries. and agencies towards developing the business environment for Web 3.0.”
Earlier in July, The University of Tokyo, often known as Todai, announced its initial lineup of academic programs open to high school students and working adults that would be held in the Metaverse.
In recent months, some noteworthy Metaverse usages in Japan include opening a virtual support room for Hikkikomori on the SecondLife Metaverse platform and the 29 trade schools affiliated with the NSG College League in Niigata holding their commencement ceremony in the Metaverse in 2022.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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