Speaking at the NexTech Week trade show in Tokyo on Thursday, Masaaki Taira, a lawmaker from Japan’s ruling party and head of the Web3 project team, highlighted Japan’s success in the blockchain space.
Taira believes that while other jurisdictions have struggled to regulate uncharted territory, Japan has relatively mastered what they are trying to push, and global tech companies are taking notice.
Taira noted that Japan’s experiments with stablecoins have been yielding positive results. The team is currently looking at ways to connect public and private blockchains to enhance scalability.
Japan’s soft power in anime, manga, and games is also well-suited for the Web3 space, especially in the development of NFTs and metaverses, two fields with untapped potential.
Japan is well known for its progressive stance on cryptocurrencies and blockchain technology. The country’s financial services agency has implemented regulations to protect consumers while allowing the industry to flourish.
Additionally, Japan has been leading the way in cryptocurrency adoption, with several businesses and companies accepting Bitcoin and other digital assets as a form of payment.
In recent years, the government has continuously increased its support for blockchain technology and its applications. Japan’s Ministry of Economy, Trade and Industry (METI) has established a Blockchain Promotion Office to accelerate the adoption of the technology in the country.
The main focus of the office is to promote the development and utilization of blockchain in industry and the public sector, with an emphasis on data security, transparency and efficiency.
The Web3 project team led by Taira aims to promote the development of the Japanese Web3 ecosystem. The project aims to bring together various stakeholders including businesses, academia and government agencies to explore the potential of blockchain technology and its applications.
Taira believes that Japan has the potential to become a global leader in the Web3 space. With its technological prowess, regulatory clarity, and supportive government policies, Japan is well-positioned to attract investment and talent in the blockchain space.
The team is focused on stablecoin experiments and the integration of public and private blockchains that can pave the way for a more scalable and robust Web3 ecosystem.