In an important milestone for the buzzword, Japan’s Ministry of Economy, Trade and Industry (METI) has opened its Web3 Policy Office in the Minister’s Secretariat. The new entity is committed to bringing together the departments responsible for industrial finance, taxation, the corporate system and those dealing with the media, content, sports, fashion and other entertainment industries.
The July 15 announcement specifies that the task of the new office will be to strengthen the framework for examining business environment issues related to Web3:
“As some entrepreneurs who pursue Web3-related businesses leave Japan in search of opportunities abroad, deliberations toward developing the business environment in Japan should be accelerated.”
According to the statement, the development of the business environment for Web3 will also include policy formulation. Hence, Web3 Policy Office can become something more than an advisory body.
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In July, the University of Tokyo, also known as Todai, announced its first set of study programs to take place in the Metaverse. Courses will be offered to students ranging from high school to adult learners in the workforce.
Other notable applications of the Metaverse in Japan in recent months include 29 NSG College League trade schools in Niigata holding the 2022 start-up ceremony in the Metaverse and launching a virtual Hikkikomori support room on the SecondLife Metaverse platform.
Despite these vital developments in Web3, Japanese regulators have expressed concerns about the issue of general regulation of cryptocurrencies. Speaking to reporters on July 18, an unnamed source “close to industry and government” said the current model for crypto regulation is faltering.