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- 1 Japan brings a whitepaper for Web3, intending to democratize crypto innovation in the country.
- 2 Corporations and institutions are also seeking opportunities in the growing financial asset industry.
Seeking the potential of Web3 technology, the Japanese government is planning a national strategy. Under the current government’s strategy, the Web3 project team of the Liberal Democratic Party (ruling party) brought a Web3 whitepaper. Such actions of taking positive steps towards crypto regulations create contrast with many countries, even with what Japan did in past years.
The Web3 whitepaper laid out several plans to encourage and ensure the growth of crypto innovation in the region. It cited Japan’s official hosting of this year’s Group of Seven (G7) summit and noted it should showcase the leadership since crypto will also be part of the discussion.
The proposal noted that Japan would be required to have far-sightedness towards Web3 and its future potential. Regulation for the crypto tax was also a major issue raised in the proposal. Taxation always acts as a crucial factor for the corporate sector in general.
Leading industry players are stepping into the growing industry, looking for its high potential in the future.
- Japanese mobile phone operator NTT Docomo reportedly plans to invest some 600 billion yen, equivalent to 4 billion USD, in Web3 infrastructure development.
- Financial institution giants like Mitsubishi UFJ Trust are seeking yen-pegged stablecoin.
The government also seems to make the procedure for new companies to set up their businesses hassle-free. Focusing on making the process frictionless for such companies, the document noted several shortcomings of accounting standards needed to cater first-hand such difficulties for Web3 companies to get auditors.
Suggesting the solution, it added that the ministries and agencies should come forward to assist the Japanese Institute of Certified Public Accountants in forming the guidelines.
The document suggests making changes in the regulations according to the Companies Act and Financial Instruments and Exchange Act. It also advised deploying the popular ‘goda kaisha’ method-based law for decentralized autonomous organization (DAO).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
