Japan approves a technical document to promote the growth of the “Web 3” industry in the country

Project team Web3 Japan’s ruling Liberal Party has published a technical document with recommendations to boost the country’s cryptocurrency industry, which is part of the prime minister’s strategy Fumio Kishida to enhance technology.

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Japan is trying to create a more friendly environment for cryptocurrencies, after companies started leaving for other countries due to heavy tax burdens.

On the other hand, it has exceeded the project team Web3 The usual bureaucratic processes, in drafting regulatory proposals for everything from… Non-Fungible Tokens NFTs And that’s it Decentralized Autonomous Organizations (DAO)..

In turn, said the general secretary of the project team Web3 affiliated to the partyAkihisa ShiozakiIn his interview:

“The cryptocurrency industry has always been driven by early adopters, but it will shift to mass adoption from now on.”

pointed out Shiozaki That large companies began to enter the market, where the company pledged NTT Docomo Japanese (mobile operator) to invest up to 600 billion yen (four billion dollars) in infrastructure Web3Large financial institutions are looking to issue stablecoins.

Relatedly, the white paper notes that Japan should show leadership at the G7 summit (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) this year, where cryptocurrencies will be discussed, and says that the country should look to the future potential of Web3and to demonstrate its leading position in neutral and responsible technology innovation.

In addition, the document identified the lack of accounting standards as a pressing issue, which companies faced Web3 Difficulties in finding auditors, and that ministries and agencies should support the Japan Institute of Certified Public Accountants, in drafting guidelines.

Japan passed a framework to regulate stablecoins last year, and large companies in the country have also shown interest in the Web3 industry.

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However, the white paper notes that approvals for banks and insurers entering the industry remain unclear, and says the government should set guidelines for this.