Japan’s Ministry of Economy launches Web3 Policy Office

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2022-07-30 07:49:56

The new agency will be tasked with bringing together financial regulators and creative industries to formulate policies within the Metaverse.

Japan launches Web3 Policy Office

Ministry of Economy, Trade and Industry (METI) Japan recently opened Web3 Policy Office in the Secretary’s Secretariat. This is a turning point that shows that Web3 has a certain place in the government of this country.

Accordingly, the new organization commits to bringing together departments responsible for industrial finance, taxation, corporate systems and those that handle content and media, sports, fashion and entertainment industries. other.

The July 15 announcement states that the new office is tasked with strengthening the framework for examining Web3-related business environment issues:

“As some entrepreneurs pursuing Web3-related businesses are leaving Japan to look for opportunities abroad, consideration should be given to developing the business environment in Japan.”

According to the release, developing a business environment for Web3 also includes policy development. Therefore, “Web3 Policy Office” can be more than just an advisory body.

On the other hand, in July, the University of Tokyo, also known as Todai, announced the first series of academic programs to take place in the Metaverse, with courses designed for high school students to adults in the workforce. motion.

In recent months, other notable applications of Metaverse in Japan include the 29 NSG College League trade schools in Niigata holding the 2022 opening ceremony at Metaverse and the launch of a virtual support room for Hikkikomori. in the SecondLife Metaverse platform.

Although Web3 is showing impressive and increasingly vibrant momentum, Japanese regulators have expressed concern over the issue of the general regulation of cryptocurrencies. Speaking to journalists on July 18, an unnamed source “close to both the industry and the government” said that Japan’s current model of cryptocurrency regulation is not working.

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