The Digital Agency of Japan will establish its own DAO to consider granting legal status to decentralized organizations.
The Digital Agency of Japan has announced the launch of its own decentralized autonomous organization (DAO) to explore this organizational form and the Web 3.0 sphere. Specifically, agency representatives plan to study the “functions and roles” of DAOs, as well as the potential challenges and benefits of granting the DAO legal status in Japan.
The Digital Agency intends to focus on the following aspects of DAOs:
- the potential use of such organizations for “cross-border crimes that exploit blockchain technology”;
- respect for user rights;
- benefits and risks of using DeFi, NFT, and Metaverse-based products.
Launching a DAO and participating in already existing decentralized autonomous organizations will help to study all the aspects raised in detail. Representatives of the Digital Agency of Japan explore other aspects of the crypto industry beyond the DAO context, particularly by conducting trial issues of fungible tokens. Officials analyze NFTs for compliance with anti-money laundering and counter-terrorist financing rules.
The Japanese Prime Minister announced plans to invest in the Web 3.0 sector in early October. Earlier it was reported that the Ministry of Economy would be responsible for developing the sector in the country.
