As Web3 emerges as the technology both of the present and the future one leading global superpower—Japan has decided to open its Web3 Policy Office to strengthen the blockchain business environment. The Ministry of Economy, Trade and Industry (METI) has opened this new office in the Secretariat. This office will bring together different departments to help the country make its mark in Web3.
On July 15, an announcement by the ministry stated: “Given that some entrepreneurs pursuing Web3-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan needs to be accelerated.”
The release also noted that policies would be formulated in order to develop a business environment for Web3. This indicates that the Web Policy Office would soon become more than just a consultancy body.
The new Web3 Policy Office also aims to brings together departments that need to work in synchronicity. These include departments such as industrial finance, taxation and corporate systems working together with those who adopt or have already adopted Web3 in some form or the other such as the entertainment industry including media and content as well as sports, fashion and more.
Earlier this month, the University of Tokyo announced a few study programs in the metaverse. These programs will be available at different levels from students in high school to adult learners who might be in the workforce and need to update or upgrade skills.
Banking, fashion, apparel, and footwear are some of the newer adopters of Web3 and blockchain. Crypto exchanges and industries which were earlier adopters of blockchain are still treated with skepticism for various reasons.
Some large corporations who have invested in crypto, Web3 and the metaverse have been asking for the formulation of government policies on blockchain which is emerging as the future of technology. Japan has taken a step forward with its Web3 Policy Office. Will other global government follow soon? That remains to be seen.