The Ministry of Economy, Trade and Industry (METI) of Japan has created a special department for Web 3.0.
The Web3 Policy Office began its work in the Minister’s Secretariat. It aims to provide a business environment for Web3-related projects. The department will work closely with the Digital Agency and other ministries.
Specifically, the Web3 Policy Office will gather information from business operators, investors, lawyers, engineers, and others on the challenges facing Web 3.0 practitioners in Japan and abroad. The office will also analyze the potential and possible risks of crypto projects in the country.
One of the department’s primary goals is to stop the outflow of entrepreneurs who work in the Web 3.0 sphere, but have to seek opportunities to develop their projects abroad. Recall that Japan is one of the top five Asia Pacific region leaders in the number of blockchain-related startups.
Japan’s government recognizes the trend toward using crypto-assets and non-fungible tokens (NFT) as a basis for creating new value. It also acknowledges the promising use of blockchain technology for governance. Thus, the creation of the Web3 Policy Office is a response to the changes taking place in the world.
Besides, a new educational course at Todai, the University of Tokyo, is aimed at developing the blockchain industry in Japan, which will train qualified personnel for the state’s digital transformation. The training will be conducted in a virtual environment. Meanwhile, a “green list” of approved cryptocurrencies has been created to help develop the country’s cryptocurrency market. This list will be used to simplify the process of listing cryptocurrencies on local exchanges.
