Japan’s Ministry of Economy launches Web3 office
The Web3 Policy Office will bring together regulators and creators to strengthen the policy-making process for crypto regulations
By Shashank Bhardwaj
In an announcement on July 15, Japan’s Ministry of Economy, Trade, and Industry (METI) declared the establishment of a Web3 policy office in the Minister’s Secretariat.
The office will bring together the departments in charge of media and content, sports, fashion, and other associated businesses, as well as those in charge of industrial finance, taxation, corporate systems (vehicles), and other business environment issues. The framework for analysing business environment challenges connected to Web 3.0 will be strengthened through collaboration with the Digital Agency and other important ministries.
Elaborating on the mission for the office, the statement mentions, “Given that some entrepreneurs pursuing Web 3.0-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.”