DAOs have gained great importance in recent years, thanks to their ability to create autonomous organizations in which all their members have the possibility of participating in decision-making.
The Japan Digital Agency, an agency created by the government to promote digital development and transformation, has created a Decentralized Autonomous Organization, known as DAO, with the aim of delve into the potential of this new type of organization born in the blockchain industry.
Through its Digital Agency, the Japanese government wants to investigate the benefits and risks of DAOs, as well as know first-hand the functions and roles that this type of organization can perform. To this end, the agency has decided to participate in its own decentralized autonomous organization.
In its press release, the Japan Digital Agency stated that it would analyze the results of its investigation to evaluate the possibility of granting DAOs legal personality in the country.
Although the Japanese digital agency has said that it does not know how new technologies such as blockchain and individual tools and services based on it will develop in the future, it also indicated that these technological innovations will most likely have a great influence on economy and society worldwide.
Wyoming, the first state to legalize DAOs
The state of Wyoming, considered one of the states with the most favorable legislation for the development of the crypto industry in the United States, authorized DAOs in the middle of last year. The decentralized autonomous organization American CryptoFed was the first DAO to receive protection from the Wyoming secretary of state's office.
It should be noted that Wyoming was the first state to give the green light to favorable regulation for DAOs, recognizing these organizations as a form similar to limited liability companies (LLC).
Japan opens the doors to Blockchain and Web3
Japan is one of the most important economies in the world and one of those that has been opening its doors to the crypto and blockchain industry. The Japanese government is betting heavily this year on the blockchain, the Metaverse and NFTs, as part of its expansion strategy towards Web3.
Since the beginning of this year, the Japanese government has been evaluating the possibility of easing its cryptoasset regulations and legislation, in order to be able to list new tokens in the country's regulated markets. Likewise, the country's Parliament had approved a bill at the beginning of June to recognize stablecoins as digital currencies in the country. These movements could expand the options and opportunities that Japan offers investors in the crypto industry, as well as favor its development within the country.
Finally, it should be noted that the government of Japan is considering the creation of a central bank digital currency (CBDC), as a tool to guarantee the sovereignty of its national currency, the yen.
Japan began studying the possibility of including a CBDC in its economic roadmap in 2020, using new technological innovations.
Continue reading: Japan bets on the Metaverse and NFTs in its expansion towards Web3
