INTERNET CITY, DUBAI, 3rd February, 2023, Chainwire
Kaia Wong, CMO of top crypto exchange LBank, has predicted that Japan will become the center of web3. The island nation is currently moving to embrace the technology and the economic opportunities it offers. According to Wong, this will ensure Japan prospers from the anticipated exponential growth in web3 adoption.
“Japan has had its own share of trials and tribulations when it comes to incidents relating to crypto, but these challenges have made the country stronger,” shared Kaia Wong.
“It’s great to see a country have such tremendous faith in the development of web3. No doubt more countries will follow suit. Japan is a fascinating market that will surely see huge growth in the coming years,” Wong added.
Japan is currently developing policies and guidelines for stablecoins, NFTs, and DAOs, signaling a warm welcome to web3 in all its forms. While many countries are still on the fence about web3, Japan is seizing the initiative and being proactive in advancing policies to lead the country into a new era.
Though Japanese policies are usually bureaucracy-driven, in the case of web3, a small but vocal group of Japanese politicians are taking the initiative by proposing policies and publishing reports in an attempt to edge the country closer to a web3 reality.
Web3 aligns with the economic revitalizing goals of Fumio Kishida, Japan’s incumbent prime minister. Kishida, president of the Liberal Democratic Party (LDP), is hoping for web3 to attract new investment to Japan and stimulate economic growth. In July 2022, Kishida’s administration also opened a dedicated web3 policy office under the Ministry of Economy, Trade, and Industry, serving to “develop the business environment for web 3.0.”
A recent proposal on web3 policy from the LDP states: “This is an opportunity for Japan to vigorously promote the development of an internationally competitive web3 business environment as a part of its national strategy.” The proposal touched upon market problems of 2022, yet showed unyielding optimism toward the future of web3. This optimism comes from knowing that in Japan, crypto has successfully weathered previous storms.
Japan was one of the earliest countries to take action on crypto after being struck by several scandals, including crypto exchange Mt. Gox being hacked in 2014, and the subsequent hacking of exchange Coincheck in 2018. Legal revisions were made to strengthen regulations and protect customers. During the collapse of the crypto exchange FTX, Japan’s regulations successfully protected users’ assets.
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