The Japanese government approves new policy to drive Web3 adoption

After Japan’s NFT Taskforce appointed a Web3 Minister earlier this year, the government has its sights focused on Web3 adoption and economic opportunities in the Metaverse.
June 10, 2022 - Cynthia Chung

The Japanese government passed a new law on Tuesday to develop and expand the Web3 ecosystem in the country, including the use of cryptocurrencies, NFTs and decentralized autonomous organizations (DAOs). 


The approved policies are part of the ‘Basic Policy on Economic and Fiscal Management and Reform 2022’, which aims to create and enhance the value of Blockchain and digital assets through promoting them. Meanwhile, enable users to manage and use their data in a more decentralized and reliable Internet. 


According to a local report by CoinPost, policy measures are the ways Japan is working towards being a world leader in the Web3 era.


‘Blockchain technology has the potential to change the conventional form of the Internet and lead to social change through multi-polarization in the virtual space, such as the direct mutual connection of independent users,’ the Japanese government explained. 

Moreover, the government will propose new bills at the ordinary Diet session in 2023 to harness the economic potential in the Metaverse.

The country also plans to create a Security Token Offering (STO) focused on bolstering its fintech sector. This is a scheme that raises funds using ‘security tokens’ issued by electronic means such as blockchain that represent stocks to ease the evaluative standards for cryptocurrencies. 


Last month, Prime Minister Fumio Kishida said he believes incorporating new digital services such as the metaverse and NFTs will boost Japan’s economy.


In January this year, the Liberal Democratic Party (LDP), who have ruled the country since 1955, announced the launch of NFT Task Force, officially known as ‘NFT Policy Review Project Team’. It is tasked with overseeing Blockchain and NFT-related business operations to work in tandem with ‘the government’s growth strategy.’They will also hold discussions to develop concrete ‘policy proposals.’


Just a few months later, in April, Japan looks to enhance its movements in the Web3 ecosystem by proposing to the government that a Web3 Minister is needed to manage Web3 and Metaverse related growth in the country.

Photo: Adobe/ Blue Planet Studio


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