Globally, Web3 is triggering a new digital revolution, and Japan, an Eastern country, is actively embracing this revolution. Especially in the two cities of Tokyo and Kyoto, the influence of Web3 is rapidly expanding.

Tokyo, as the capital of Japan, has become an important gathering place for Web3 encryption institutions. The city is the political, economic, educational and cultural center of Japan and an important hub for international exchange and innovation. Here, you can find a series of active Web3 companies and institutions such as HashPort, KEKKAI, Skyland Ventures, MZ Web3 Fund, etc.

And Kyoto, a city with a long history and rich cultural heritage, is also taking on new vitality because of encryption. Here, Web3 companies and institutions such as QURAS, SORAMITSU, and NEO KYOTO NFT ARTs are emerging.

Japan is also at the forefront of cryptocurrency regulation. In 2016, Japan revised the Payment Services Law and the Fund Services Law to clarify the legal status of cryptocurrencies. Additionally, Japan’s financial regulator, the Financial Services Agency, regulates cryptocurrency exchanges through the Financial Instruments and Foreign Exchange Act (FIEA).

However, Japan still needs to overcome many obstacles if it wants to use the emergence of Web3 to promote new economic growth. Whether in a crypto-friendly city like Tokyo or Kyoto, there needs to be some truly groundbreaking Web3 companies that can both demonstrate the potential of blockchain technology and serve as examples to inspire other Japanese entrepreneurs. Japan has made some progress in this regard. For example, Sony Network Communications, a subsidiary of Sony Group, recently launched a Web3 incubation program in partnership with Astar Network, which is used to incubate projects on the practicality of NFTs and decentralized autonomous organizations (DAOs), aiming to explore how blockchain technology can Solve various problems in the industry. Likewise, automotive giant Toyota is also delving into use cases for blockchain technology.

In addition, Japan is also at the forefront of cryptocurrency regulation. In 2016, Japan revised the Payment Services Law and the Fund Services Law to clarify the legal status of cryptocurrencies. Additionally, Japan’s financial regulator, the Financial Services Agency, regulates cryptocurrency exchanges through the Financial Instruments and Foreign Exchange Act (FIEA).

Japan is still making constant trials, errors and adjustments in the process of regulating crypto assets. As the crypto field develops, relevant policies will gradually develop. In April 2023, Japan’s ruling party’s Web 3.0 project team released a white paper proposing suggestions for promoting the development of Japan’s encryption industry. In June 2023, Japan's "Amendment to the Final Accounts Act" was voted through by the House of Lords, becoming the first country in the world to enact a stable currency bill.

On the other hand, we can also see that the country’s Web3 policy, corporate cooperation, and regulatory progress are slowly paving the way for local Web3 development. For example, mobile phone operator NTT Docomo recently committed to investing up to 600 billion yen ($4 billion) in Web3 infrastructure. Large financial institutions are also looking to issue stablecoins to digitize the national economy.

Overall, Japan is actively embracing cryptocurrencies and Web3 as a strategic move to inject new life into the economy. In the future, we look forward to seeing Japan make greater breakthroughs in the Web3 field. #web3.0 #BTC

Click to follow!

(Purely personal opinion, if you want to argue with me then you are right)

(Click to follow, everyone who follows will become rich and thin, remember to comment and return your wishes, please)