Japan Ministry of Economy Opens Office to Formulate Web3 Supportive Policies
As a significant step forward for the topic at hand, the Japanese Ministry of Economy, Trade, and Industry (METI) have established its in-house Web3 Policy Office inside the Minister’s Secretariat. The departments that deal with industrial finance, taxation, the corporate system, as well as media and advertising, athletic events, fashion, and other entertainment industries will be brought together under the new entity that will be created.
The announcement that was released on the 15th of July implies that the new agency will strengthen the framework for analyzing the difficulties associated to the Web3 business environment. It is imperative that Japan’s current business environment be improved as quickly as possible in order to compete with the country’s departing entrepreneurs who are looking to start Web3-related enterprises.
The formation of policies was reportedly going to be a part of the process of developing the Web3 business environment, as stated in the announcement. As a consequence, the “Web3 Policy Office” has the potential to develop into more than just a consultancy firm.
At the beginning of this month, the University of Tokyo, more often referred to as Todai, made the announcement that it would be launching its inaugural study programs based on the Metaverse. Students in high school, as well as adult students who are part of the labor force, will be eligible to participate in the programs.
The graduation ceremony for 29 trade schools that are part of the NSG College League in Niigata will be held in the Metaverse in 2022. Additionally, a virtual support room for Hikkikomori has been developed in the SecondLife Metaverse platform. These are two of the other major Metaverse implementations that have taken place in Japan in the past few months.
In spite of these amazing improvements in Web3, Japanese authorities continue to show worry over crypto laws in general. On July 18, a person who has not been named but who is “connected to both industry and government” said to the media that the current approach to the regulation of cryptocurrencies is ineffective.