Japan Approves Web3 White Paper to Promote Industry Growth in the Country

Japan’s ruling Liberal Democratic Party’s Web3 project team has published a white paper laying out recommendations for growing the country’s industry, which has become part of national strategy under Prime Minister Fumio Kishida’s administration. Japan is forging ahead with a bid to create a friendlier environment for crypto after firms began leaving for other jurisdictions due to heavy tax burdens. The Web3 project team has been bypassing the usual bureaucratic processes to formulate regulatory proposals for everything from non-fungible tokens (NFT) to decentralized autonomous organizations (DAO). Shiozaki pointed out that major players in Japan have started to enter the market. Japanese mobile phone operator NTT Docomo pledged to invest up to 600 billion yen ($4 billion) into Web3 infrastructure and major financial institutions are looking to issue stablecoins. “The cryptocurrency industry has been driven by early adopters, but it will shift to mass adoption from now on,” said Secretary-General of the party’s Web3 project team Akihisa Shiozaki.