Japan’s government approves policy to drive Web 3.0 adoption

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The Japan­ese gov­ern­ment on Tues­day gave the green light to a new pol­i­cy that plans to devel­op and expand the Web3 envi­ron­ment in the coun­try, includ­ing the use of cryp­tocur­ren­cies, non-fun­gi­ble tokens (NFTs) and decen­tral­ized autonomous orga­ni­za­tions (DAOs).

See relat­ed arti­cle: Japan­ese cryp­to firms team up to form a meta­verse association

Fast facts

  • The approved mea­sures are part of the “Basic Pol­i­cy on Eco­nom­ic and Fis­cal Man­age­ment and Reform 2022” and aim to cre­ate new val­ue by pro­mot­ing blockchain and dig­i­tal assets while allow­ing users to man­age and uti­lize their own data on a more decen­tral­ized and reli­able dig­i­tal plat­form, accord­ing to a local report.
  • The gov­ern­ment will sub­mit new bills at the ordi­nary Diet ses­sion in 2023 to tap the eco­nom­ic poten­tial in the metaverse.
  • Addi­tion­al­ly, the coun­try plans to pro­mote its fin­tech sec­tor by devel­op­ing a sys­tem for rais­ing funds with secu­ri­ty tokens, eas­ing the eval­u­a­tive stan­dards for crypto.
  • Prime Min­is­ter Fumio Kishi­da said last month at the House of Rep­re­sen­ta­tives that he believes incor­po­rat­ing new dig­i­tal ser­vices such as the meta­verse and NFTs will boost Japan’s economy. 
  • Mean­while, Japan’s Vir­tu­al and Cryp­to Assets Exchange Asso­ci­a­tion (JVCEA), the local body that gov­erns cryp­to exchanges, is report­ed­ly dis­cussing meth­ods to elim­i­nate the strict screen­ing process for list­ing cryp­tocur­ren­cies fol­low­ing Kishida’s expres­sion of dis­con­tent with the cur­rent system. 

See relat­ed arti­cle: South Korea and Japan grap­ple with how to define, and tax, cryp­tocur­ren­cy gains

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