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Japan Approves Web3 Development And Growth Policy

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web3

The Japanese government is implementing a new policy centred on the country’s Web3 landscape’s development and expansion. The policy will also address the use of cryptocurrencies, NFTs, and autonomous decentralised organisations (DAOs).

The upcoming policy will reportedly fall under Japan’s existing “Basic Policy on Economic and Fiscal Management and Reform 2022.” With its latest initiative, the government intends to build upon the concept of decentralisation by allowing users to manage and utilise their own data on a digital platform that is both decentralised and reliable. The new measures are anticipated to be implemented in 2023.

Eases rules for listing crypto tokens

The Japanese government is moving in the direction of establishing itself as a crypto-friendly jurisdiction. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) has intentions to relax the regulations governing the listing of tokens. This essentially means that Japanese cryptocurrency exchanges will be able to list cryptocurrencies even though there will not be a stringent regulatory screening process in place.

After the announcement, the country’s Prime Minister Fumio Kishida said he didn’t like the way things are now. He said that “the certified self-regulatory organisation tends to spend a long time pre-screening” crypto assets and that it would “ease the criteria while keeping in mind the need to protect users.”

The Law Concerning Stablecoins in Japan

Following the debacle with Terra-Luna, the upper house of Japan’s parliamentary body voted last week to approve the stablecoin bill proposed by the Financial Services Agency (FSA). It is necessary for stablecoins to be backed by the yen or another form of legal tender in order to guarantee that they can be redeemed.