Japanese Government Approves Policy To Accelerate Web 3.0 Adoption

Quick facts

• According to a local report, the approved measures are part of the “Basic Policy on Economic and Fiscal Management and Reform 2022,” which aims to create new value by promoting blockchain and digital assets while allowing users to manage and utilise their own data on a more decentralised and reliable digital platform.
• The government will introduce new legislation during the ordinary Diet session in 2023 to capitalise on the metaverse’s economic potential.
• Furthermore, the country intends to promote its fintech sector by developing a system for raising funds with security tokens, thereby lowering crypto evaluative standards.
• Last month, Prime Minister Fumio Kishida stated in the House of Representatives that  the incorporation of new digital services such as the metaverse and NFTs will strengthen Japan’s economy.
• Japan’s Virtual and Crypto Assets Exchange Association (JVCEA), the local governing organisation for crypto exchanges, is allegedly discussing ways to reduce the stringent screening procedure for listing cryptocurrencies in response to Kishida’s criticism of the current system.