Unsurprisingly, it’s one of the first countries to launch investment programs in Web 3 technology at the state level. Everything we imagine about modern Japan, sometimes the classic one, seems to be out of this planet. Everyone there already uses their avatar and chats as if in a Metaverse! Does this news bring Japan closer to this? Explore the article to find out!
Related: Web3 and the Metaverse – Stronger Digital Economy
Good News From the Ministry
Yes, the Japanese decided to revise their existing laws to adjust to the modern world’s challenges.
Hi, Gary Gensler!
On February 16th, the Japanese government gave the thumbs up to a proposal that allows local investment limited partnerships to dive into cryptocurrencies. They can now buy or hold them as part of their assets. This update comes straight from the Ministry of Economy, Trade, and Industry.
The ministry announced on Friday that they’ve green-lit a revision, tweaking the Act on Strengthening Industrial Competitiveness. This update aims to widen the scope of strategic investment, offering a boost to local startups and medium-sized businesses.
And they are happy! Look at the tweet of Hiro Kunimitsu – Founder & CEO of Gumi.Inc.
To explain this simply, under Japanese rules up until now, VCs were not able to invest in crypto assets. […] I think that the fact that Japanese VCs can now invest will be a big opportunity for many Web3 startups to be born in Japan!
Accordingly, the Web3 community in the region is already actively anticipating the growth in the number of cryptocurrency and blockchain startups originating from Japan.
What does it mean? Right, you’re!
Related: Game On Japan! How to Win the Hearts of Mobile Gamers in the Land of the Rising Sun
That’s Not All the Perks of the Japanese Crypto Market!
Other amendments to the Law on Industrial Property Information and Training Centers, the Law on the Organization of New Energy and Industrial Technology Development, and the Law on Industrial Competitiveness further support Japan’s intention to promote innovation and catalyze domestic investment. Highlight the domestic as naturally before this approval Japan got its assets from overseas investors.
“Cabinet decision has been made!
Measures will be taken to add crypto assets to the list of assets that can be acquired and held by investment limited partnerships (LPS).’ — said Taira Masaaki, a politician who advocates crypto mass adoption.
For example, SBI set up a fund in Singapore, and Nomura’s digital asset arm Laser Digital is based in Switzerland.
But not from that moment!
Japanese Crypto Boost
As you can see, Japan already stands out as one of the leading economies in embracing blockchain and Web3 technologies. The timing of this news couldn’t be better, especially with the Financial Services Agency (FSA) gearing up to kick off the first-ever Japan Fintech Week in early March.
Is it possible for Western nations to catch up?
Couple more facts to make you jealous of the Japanese market.
Japan stands out in the tokenization of real-world assets (RWA), particularly in the real estate sector. Additionally, Japan boasts a sophisticated legal framework for stablecoins, accommodating a variety of types including trust-based stablecoins and bank deposit tokens. Notably, major players like Circle and Binance have launched initiatives in Japan. Furthermore, Japan’s NFT market has remained relatively resilient, without downturn experienced in Western markets.
Read More:
- Futureverse’s AI League Scores Big with FIFA Women’s World Cup
- How will Generative Artificial Intelligence impact Web3?
- Real Estate in the Metaverse: Where Pixellated Dreams Turn into Goldmines
Well, there’s no reason to cry! We just need to take Japan as an example. And to figure out how to make money on it, of course!
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