#Japan  has made headlines when it comes to #Blockchain adoption due to its proactive rules and regulations. Many people believe these guidelines are quite strict for international companies. However, this narrative is quite wrong. 

#NFTStudio24  met Cofounder/CEO of Reality Plus Morten Rongaard who shared his experience in the Japanese market “I can see here the companies are very open-minded to Web3 more than I assumed.” 

During his meetings, he was impressed to see how the local companies here highly focus on working together to move forward mutually. 

https://youtu.be/WJJTIbWn20s

Web3 is a vast industry

Web3 is a vast industry that covers all aspects of blockchain technology. Rongaard calls Japan the “Master of Gamification.” He says this gamification exists not only in games but in different aspects such as products as well. 

He notices inclusivity which is a fundamental aspect of the Web3 world that drives the community. It doesn’t matter where you come from, what your race or identity is, or what color you are – everyone is welcome to participate and contribute. In fact, many Web3 companies actively strive to create a more inclusive environment, not just in terms of their workforce but also in their products and services. 

Ultimately, it is this open-minded and diverse community that drives the success of the #Web3 industry.

NFTStudio24, along with many other companies, is bringing inclusivity by overcoming the language and country barriers to bring the international market within Japan and vice versa. 

By helping local companies expand into the global market and introducing international businesses to the #Japanese  market, NFTStudio24 is playing a crucial role in the growth and development of the Web3 industry in Japan.

Compared to that, other countries have been preventing or delaying the guidelines causing many hurdles for startups, exchanges, projects, and companies. Despite the growing public interest in Web3, many governments are avoiding the topic of discussion, hindering the progress of the industry in those countries. However, Japan’s proactivity in creating a conducive environment for Web3 is setting the standard for other countries to follow.

Mitsubishi UFJ Trust and Banking Corporation, one of Japan’s largest banks, has announced a new technical partnership with blockchain firms Datachain and Soramitsu. The goal of the partnership is to facilitate smooth mutual transfers and exchanges between various stablecoins scheduled to be issued in Japan.

The partnership will utilize various stablecoins issued using the stablecoin issuance and management platform “Progmat Coin” led by Mitsubishi UFJ Trust and Banking, as well as the open-source blockchain platform Hyperledger Iroha, which Soramitsu contributes to development. Demonstrations will be conducted assuming regional digital currencies that are being considered by regional banks.

@azcoinnews

Japan became the first country in the world to define stablecoins as “electronic payment methods” under the revised Payment Services Act in 2022, with the bill set to be enforced in 2023. This initiative will help to facilitate smooth mutual transfers and exchanges between the wide variety of stablecoins and regional digital currencies that are scheduled to be issued by various banks in the future.

The partnership will also explore ways to improve the efficiency of cross-border remittances and reduce fees through mutual transfers and exchanges with overseas CBDCs.

In order to realize mutual transfers of multiple stablecoins and digital money on different blockchains such as Corda and Hyperledger Iroha, the partnership will leverage technologies to interconnect both blockchains and execute transactions on both blockchains simultaneously. These connections will include “YUI,” a blockchain interoperability project led by Datachain in research and development, “IBC,” a messaging protocol adopted by YUI, and middleware such as “LCP” that enables interoperability.

Stablecoins have the potential to revolutionize international remittances, micropayments, and the settlement of digital assets such as securities and NFTs. By connecting different blockchains in a safe and practical way, this partnership aims to build advanced use cases for stablecoins and create a financial infrastructure that can be used globally.

#Mitsubishi #Japan #Stablecoins #azcoinnews #NFT

This article was republished from azcoinnews.com