Japan is developing policies and guidelines for stablecoins, NFTs, and DAOs, signaling an active warm welcome of a Web3 future.
While many countries are still on the fence about Web3, Japan is seizing the opportunity and being proactive in pushing forward policies to lead the country into a new era. Though Japanese policies are usually bureaucracy-driven, in the case of Web3, a small, but vocal, group of Japanese politicians are taking initiative by proposing policies and publishing reports in an attempt to edge the country closer to a Web3 future.
Web3 aligns with the economic revitalizing goals of Fumio Kishida, Japan’s incumbent prime minister. Kishida, president of the Liberal Democratic Party (LDP), is hoping for Web3 to attract new investment to Japan and stimulate economic growth. In July 2022, Kishida’s administration also opened a dedicated Web3 policy office under the Ministry of Economy, Trade, and Industry, serving to “develop the business environment for Web 3.0.”??