Countries and fintech firms are becoming receptive to the Web3 industry. This is due to the potential of the industry and the benefits it can offer.
Japan has also embraced the industry. The country’s METI (Ministry of Economy, Trade and Industry) has opened a Web3 Policy Office in the country.
Japan’s Fighting To Accelerate Web3 Growth
The purpose of the new agency is to bring together various departments. This includes those in charge of taxation, industrial finance, sports, fashion, media and content, entertainment industries, and industrial finance.
The country first announced the new Web3 office on July 15th. According to the announcement, the new Web3 Policy office would tighten the framework for examining Web3 issues in Japan.
Meanwhile, Japan took this step after several Web3-related companies started leaving the county. The companies were moving to other regions where opportunities abound for Web3 tech firms.
As a result, the new Web3 office will strive to accelerate the Web3 environment for these companies. The country also planned to formulate policies to help ensure the sector.
Therefore, the new agency would have more work than just consulting for firms. Japan has been very receptive to Web3 development.
However, the country’s regulators are very anxious about regulating cryptocurrencies. According to an official in the state government, the present regulatory model in the country is faltering.
Companies Continue To Embrace The Metaverse
Earlier this month, the University of Tokyo (Todai) announced a metaverse project for the institution. The university stated that its set study programs would occur in the metaverse.
Additionally, those who can take the courses include those in high school and adult learners. This is not the first time a tertiary institution is embracing the metaverse.
Other institutions and companies also plan to conduct lectures and tutorials in the digital world. Another application of the nascent technology in Japan is the 29 trade schools.
These schools are part of Niigata’s NSG College League. They plan to host their 2022 opening ceremony in the virtual world.
Another project is the digital support room for the organization, Hikikomori. The company will launch the supper room in the metaverse platform called SecondLife.
In other news, several crypto-driven firms are joining the Web3 sector. They are becoming aware of the number of potential opportunities available in the sector.
Last week, some companies joined together to create an Open Metaverse Alliance. The focus of the alliance is to focus on inclusiveness, democratization, decentralization and transparency.
These companies include Alien Worlds, Animoca Brands, Space, Upland, Dapper Labs, The Sandbox, and Voxels.