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- Japan is considered among the most advanced nations across the globe.
- The Japanese Ministry of Economy, Trade and Industry (METI) is thinking about a Web3 Policy Office.
- They issued a report which included Web3 as part of different policies.
A Web3 Policy Office
Japan is always steps ahead of several nations when it comes to technology. It is considered as one of the most advanced nations globally. Famous brands we use today including Nikon, Mutsubashi, Sony, Toshiba to name a few, have their roots going back to the nation. Now it’s time for authorities to think about Web3 implementations. The country is thinking of setting up a Web3 policy office as per the official report issued by METI.
The ministry’s established report says that they might initiate a Web3 policy office in Japan. It will function more than a counseling service. They think that this is a growing technology which the people around the globe are admiring, and will become a new interface for the next generation which we know as Generation Z, the advanced era of people.
The report says that this will assess the risk associated with Web3. They will collect the data from several sources including businesses, legal professionals, inventors and others. This will eventually contrast the aspects of the business environment suitable for Web3 persisting internationally and domestically. It is important as Japanese businesses are leaving the country to set up their shops in foreign nations.
This is not an initial move for the nation towards Web3. Recently, a Japanese bank SMBC made an announcement that it will start focusing towards non-fungible tokens and web3, and make them a priority.
Web3 Status
Web3 is growing at a feverish rate around the globe. Projects like Flow and Helium are contributing prominently in its development. Flow is a supportive platform for developers who want to offer something valuable for the community. Helium is focused on the Internet of Things (IoT) and is working to improve the whole IoT ecosystem.
It is considered as the evolution of the internet, and will be a user-owned space. Its major goal is to give the command back to users instead of centralized entities.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
