Japan’s economy ministry establishes Web3 policy office

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Japan’s authorities have announced the setting up of an office for pushing forward the country’s Web3 policy.

The Web3 Policy Promotion Office would examine ways to strengthen the country’s current system and improve the business environment relating to Web3, the Ministry of Economy, Trade and Industry (METI) announced on July 15.

The new office would work with other ministries and agencies, including the Digital Agency, to look at policy areas on funding, taxation and business entities, as well as the industry sector including content, sports, fashion and art. 

It would gather information on the business environment at home and abroad from operators, investors, legal communities, engineers and others. 

METI said there was a need to assess the potential and risks of the Web3 trend as it involved crypto assets and tokens such as NFTs, and users could manage and use their own data on the blockchain to create new value. 

The ministry said the country had to speed up its studies on ways to improve its business environment amid an outflow of Web3 entrepreneurs. A team has been set up under each bureau of the ministry to help formulate a coherent policy on Web3. 

The latest move came months after the ministry launched a study on using NFTs to upgrade fashion exhibitions in March.  It commissioned Startburn, which operates Startrail, an infrastructure for art distribution and evaluation using blockchain and NFTs, to organise an exhibition called SIZELESS TWIN, which included both physical and digital exhibitions.

In a report released in May, the ministry explored the possibility of updating Japan’s economy and society through Web3 and highlighted the need for the government to avoid stove-piping and to seek a balance between regulations and stimulating measures.