Japan Creates Web3 Policy Office to Enhance Framework

Japan Creates Web3 Policy Office to Enhance Framework
  • Policy-making will also be a part of Web3’s development, according to the release. 
  • Web3 Policy Office” will be more than merely a consulting organization.

Web3 Policy Office is established by Japan’s Ministry of Economy, Trade, and Industry (METI) in the Minister’s Secretariat. As part of the new organization, the departments in charge of corporate taxes, industrial finance, and corporate system integration will be brought together, as will those in charge of media and content, sports, and other forms of entertainment.

According to a July 15 release, the new office’s purpose would be to enhance the framework for addressing business environment challenges relating to Web3.

The announcement stated:

“Given that some entrepreneurs pursuing Web3-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.”

Japan Forays Into Web3 and Metaverse

Policy-making will also be a part of Web3’s development, according to the release.  As a result, the “Web3 Policy Office” may develop into more than merely a consulting organization. It was announced in July by the University of Tokyo, better known as Todai, that it will begin offering courses in the Metaverse. Students from high school to professionals in the workforce will be able to take the courses.

27 Niigata trade schools, part of the NSG College League, will have their 2022 graduation ceremony in the Metaverse, as will a virtual support room for Hikkikomori in SecondLife’s Metaverse platform, among other prominent Metaverse uses.

Japanese authorities, despite the exciting advancements in Web3, express their concerns about the future of crypto legislation in Japan in general. According to a source connected to both industry and government” who spoke to media on July 18, the present paradigm of crypto regulation is in trouble. It is hoped that the new Web3 and Metaverse policy-making organization would bring together financial regulators and the creative sectors.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.