The new organization will collaborate with the creative sectors and financial authorities to develop metaverse and web3 regulations.
The opening of the Web3 Policy Office by the Ministry of Economy, Trade and Industry (METI) of Japan in the Minister’s Secretariat is a significant milestone for the buzzword. The new organization pledges to bring together the divisions in charge of corporate systems, taxation, industrial finance, media and content, sports, fashion, and other entertainment-related enterprises.
According to the statement made on July 15, the new office’s mandate is to improve the framework for analyzing business environment concerns linked to Web3:
“Given that some entrepreneurs pursuing Web3-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.”
Making policies will be a part of creating the Web3 business environment, the statement states. As a result, the “Web3 Policy Office” may develop into more than merely a consulting organization.
The University of Tokyo, popularly referred to as Todai, unveiled its initial selection of academic programs that would take place in the metaverse in July. Students from high school through working adults will be able to enroll in the courses.
29 trade schools affiliated with the NSG College League in Niigata recently had their 2022 commencement ceremony in the metaverse, while the SecondLife Metaverse platform debuted a virtual support room for Hikkikomori. These are only two significant recent uses of the metaverse in Japan.
Despite these striking Web 3 achievements, Japanese regulators express concern about the issue of comprehensive crypto regulation. On July 18, an unidentified person “connected to both business and government” claimed that the present framework for cryptocurrency regulation is failing.