How Japan’s regulatory moves in Web3 can be an example for nations globally

economictimes.indiatimes.com:

Japan with a vibrant crypto scent — but Japan is one of the many countries that took a proactive approach towards fostering Web3 after realizing its potential worldwide. In order to retain its talent at home and create a better infrastructure for adoption of virtual digital assets, Japan has undertaken a number of regulatory steps. Amid the global turmoil caused by the volatile crypto ecosystem and its consequential effects on users, Japan has proactively introduced preemptive measures to tackle these challenges and maintain a competitive edge. From the very beginning, it supported builders and creators in Web3 suggesting that the country is enthusiastic about the growing ecosystem and it was not just due to a vast user base. It has been tweaking regulations on a rolling basis to address challenges faced by users or other stakeholders and working towards the best interest for all parties with a dedicated ‘resolution team’. Its progressive attitude towards integration of blockchain is what has made it stand apart. From government backed Metaverse offices, to corporates like Mitsubishi, Fujitsu, Rakuten foraying in the space, Japan’s efforts reflect the concentrated approach at winning the Web3 revolution after the missed opportunity in Web2.

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

Here are some broad takeaways from Japan’s Web3 regulatory approach: After some subsequent security issues in crypto such as fund hacks from crypto exchanges, Japan