The government of Japan has presented a Web3 whitepaper proposing the creation of a Ministry for Web3 that is responsible for designing and promoting the necessary policies to promote its leadership in technological innovation.
Japan is securing a place for emerging technologies to boost its economic development and lead advances in innovation.
The Japanese country is taking important steps to create a favorable environment for the crypto industry that allows the construction of the new decentralized Internet based on digital assets and blockchain, known as Web3.
Recently, Japanese parliamentarian Akihisa Shiozaki, a member of the Liberal Democratic Party, announced the launch of Japan's Web3 whitepaper, a white paper on Web3 titled “Towards an era in which everyone can use digital assets”. In it, the country's current government presents several guidelines and recommendations focused on achieving technological leadership through friendly regulation of cryptoassets, NFTs and DAOs.
In recent months, the government of Japan has been moving towards adopting the metaverse and Web3 and towards the creation of its own CBDC digital currency as part of its strategic plan to lead the country and society towards innovation and digital transformation.
Japan's Web3 whitepaper
Japan aims to become the world leader in Web3. The country, known for its impressive technological development, is being one of the most receptive to the new generation of Internet, where it sees a great opportunity to retain talent and to encourage economic growth.
Japan's tax policy and several of its regulations are not favorable for the development of companies related to the world of cryptocurrencies, a reality that is transforming the current government to establish itself as a center of global innovation.
In his Web3 whitepaper, Japan approaches crypto winter 2022 as an opportunity to revive the crypto industry and give rise to new innovations.
The Japanese government points out that the country has the necessary conditions to demonstrate and convince the entire world about the advantages and benefits that Web3 has to offer. As he points out, we are heading to a world where we will all use cryptocurrencies and digital wallets, so guaranteeing regulatory clarity for the crypto industry will be essential to obtain the competitive advantage in the market.
“Only when a legal, safe and secure transaction environment is established will mainstream consumers and large enterprises be able to participate widely in the Web3 ecosystem.”
Cryptocurrencies, NFTs and DAOs
Digital assets such as cryptocurrencies and NFTs and decentralized autonomous organizations (DAOs) are new pillars to drive growth and development of the nation, according to Japan. Therefore, the country wants to establish a more friendly regulatory environment for the crypto industry, but at the same time guarantee security and stability for those who participate in it.
Japan is currently exploring NFT tokens and DAOs to delve deeper into the potential these crypto sectors offer and to understand their potential risks and implications.
In November of last year, the country created a government DAO through the Japan Digital Agency, an organization in charge of the country's development and digital transformation. Through the DAO, Japan seeks to analyze and learn first-hand what a decentralized autonomous organization means, its potential, its benefits and its risks. The country is conducting a study to consider granting legal personality to this type of organization, since there is no current form of company or cooperative in the country that is suitable for them.
In the Web3 whitepaper, Japan also raises the need to establish a new ministry focused on the decentralized Internet, which will be responsible for creating and enforcing new policies that guarantee the development of Web3 and responsible innovation.
Continue reading: Japan adopts Web3 to advance its digital transformation
