The Japanese Ministry of Economy Trade and Industry (METI) has moved ahead to open a policy office for Web3 in the Secretariat of the Minister. The exclusive entity is determined to create harmony among the departments dealing with the industrial finance, corporate system, taxation, as well as the rest of them related to fashion, sports, entertainment, and media industries.
‘Web3 Policy Office’ Introduced by Japan’s Ministry of Economy
The declaration of 15th July indicates that the unique office’s goal would be to fortify the agenda to scrutinize the business environment matters in the case of Web3. It added that keeping in view that a few entrepreneurs – who are searching for business within the Web3 sector – are leaving Japan, the country requires advancing its business environment and including the new sectors that are being promoted to a great extent and grasping the attention of a large span of the community.
As per the release, growing the business environment to incorporate the Web3 space will additionally take into account the formulation of the policies. In this way, the position of the “Web3 Policy Office” could be that of an institution above the level of only an entity specified for consultancy. In July 2022, the University of Tokyo (or Todai) declared its initial study programs series to be conducted within the space of the Metaverse.
The courses included within the respective study programs will be offered to the students starting from the high school level to those who are adult learners and are serving as employees. The rest of the noteworthy use cases of the Metaverse world within the jurisdiction of Japan during the previous months take into account up to 29 trade schools that are categorized within the Niigata-based NSG College League.
These institutions have introduced a virtual support room within the venue named SecondLife Metaverse. Notwithstanding the broad developments taking place within the Web3 atmosphere, the regulatory authorities within Japan have brought to the front that there exists considerable anxiety in terms of the overall regulation of the crypto world.
Japan’s Crypto Regulatory Agenda Lagging?
On 18th July, a source – who was well-acquainted with both the government as well as the industry and requested not to disclose his identity for some reasons – mentioned while talking to the journalists that the model that is presently utilized to tackle the regulation of cryptocurrencies is not efficient and there are some faults in it.
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