Japan's Ministry of Economy launches Web3 office
The Web3 Policy Office will bring together regulators and creators to strengthen the policy-making process for crypto regulations
In an announcement on July 15, Japan's Ministry of Economy, Trade, and Industry (METI) declared the establishment of a Web3 policy office in the Minister’s Secretariat.
The office will bring together the departments in charge of media and content, sports, fashion, and other associated businesses, as well as those in charge of industrial finance, taxation, corporate systems (vehicles), and other business environment issues. The framework for analysing business environment challenges connected to Web 3.0 will be strengthened through collaboration with the Digital Agency and other important ministries.
Elaborating on the mission for the office, the statement mentions, "Given that some entrepreneurs pursuing Web 3.0-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated."
According to the official report, the Web3 policy office's goals include increasing opportunities for Web3-driven enterprises in Japan and highlighting the significance of crypto assets and Non-fungible tokens (NFTs). The ministry acknowledges that digital places and assets could become significantly more important as metaverses emerge as new personal interfaces, particularly among younger generations like Generation Z. This could also result in a sharp rise in their commercial worth.