Japan Ministry of Economy Opens Web3 policy office

The new body will bring together financial regulators and creative industries to develop Metaverse policies and boost the importance of digital assets in the country.

Jul 29, 2022
by Anvi Saini
Japan Ministry of Economy Opens Web3 policy office
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The Japanese Ministry of Economy, Trade, and Industry (METI) opened its own Web3 Policy Office in the Minister's Secretariat, marking a key milestone for the buzzword.

The new institution promises to bring together the departments in charge of industrial finance, taxation, and the corporate system, as well as those dealing with media and content, sports, fashion, and other entertainment industries.

Japanese Ministry of Economy, Trade, and Industry to deal with Web3 issues 

According to the July 15 statement, the new office's purpose would be to strengthen the framework for investigating business environment issues relating to Web3:

“Given that some entrepreneurs pursuing Web3-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.”

The University of Tokyo, also known as Todai, also unveiled its first set of study options in the Metaverse in July. The classes will be available to students ranging from high school to adult workers.

Other notable applications of the Metaverse in Japan over recent months include 29 trade schools under the NSG College League in Niigata, holding their 2022 commencement ceremony in the Metaverse and launching a virtual support room for Hikkikomori in the SecondLife Metaverse platform.

Despite these exciting developments in Web3, Japanese officials are concerned about universal crypto regulation.

Japan is one of the latest countries to enter the metaverse with its push to expand Web3 businesses and technology. Not so long ago, one of North America’s ‘Big Four’ accounting firms, KPMG, opened its first metaverse collaboration hub to examine potential use cases in several industries.

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