Japanese Ministry of Economy Launches Web3 Office
Web3 Policy Office to Bring Regulators and Creators Together to Strengthen Crypto Regulatory Policy Making Process
By Shashank Bhardwaj
In a July 15 announcement, Japan’s Ministry of Economy, Trade and Industry (METI) declared the establishment of a Web3 Policy Office within the Minister’s Secretariat.
The office will bring together the departments in charge of media and content, sports, fashion and other related businesses, as well as those in charge of industrial finance, taxation, business systems (vehicles) and other matters. business environment. The framework for analyzing business environment issues related to Web 3.0 will be strengthened through collaboration with the Digital Agency and other key ministries.
Elaborating on the office’s mission, the statement said, “As some entrepreneurs pursuing Web 3.0-related businesses leave Japan for overseas opportunities, deliberations to develop the business environment in Japan should be expedited. “.
According to the official report, the goals of the Web3 Policy Office include increasing opportunities for Web3-focused businesses in Japan and highlighting the importance of crypto assets and non-fungible tokens (NFTs). The department recognizes that places and digital assets could become much more important as metaverses emerge as new personal interfaces, especially among younger generations like Gen Z. This could also lead to a sharp increase 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 issues facing Japanese and overseas business environments and work with relevant government departments. and agencies towards the development of the business environment for Web 3.0.”
Earlier in July, the University of Tokyo, often known as Todai, announced its initial lineup of college programs open to high school students and working adults that would take place in the metaverse.
In recent months, some notable uses of the Metaverse in Japan include opening a virtual support room for Hikkikomori on the SecondLife Metaverse platform and the 29 NSG College League-affiliated trade schools in Niigata hosting their opening ceremony in the Metaverse in 2022.
The writer is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash