Japan’s government actively promotes Web3 as a national policy, creating a favorable environment for conducting Web3 businesses there. In an exclusive interview with CryptoSlate, Tsukada from Monex Group explains that this includes “tax reforms for handling digital assets, accounting preparations, the legal positioning of DAOs, recommendations for local governments to enter Web3 and adopt the metaverse, support for exchanges with overseas talents, and Web3 events.”

Additionally, Japan has required the registration of cryptocurrency exchange operators since 2017, ensuring the “safe management of user information, regulated advertising and solicitation, and established an environment where users can utilize services with maximum protection and safety.”

This regulatory clarity has paved the way for further Web3 innovation, as Tsukada notes that in 2023, “it became possible to issue stablecoins backed by legal tender, allowing various companies, including existing financial institutions, to issue stablecoins.”

Major Japanese Corporations are Diving into Web3

The favorable regulatory environment has encouraged large Japanese corporations to enter the Web3 space. As Tsukada explains:

“NTT Docomo, the largest telecommunications company, has started developing its own wallet and is working on creating a user-friendly Web3 environment and rules. In the gaming industry, major companies like Square Enix are developing Web3 games using their IPs.”

The entry of these corporate giants signals the maturing of Japan’s Web3 ecosystem. Tsukada cites the success of Brilliant Crypto, which “conducted an IEO on Coincheck, our subsidiary and the largest CEX in Japan, reached a record high of 33.3 billion yen.”

He says this “is a great example of leveraging Web2 know-how to enter the Web3 gaming space successfully.”

Monex Group: A Diversified Financial Firm Embracing Web3

Monex Group, Inc. is a financial holding company with over 20 years of history, e

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Author: News Desk