Web 3.0 Policy Office Established in the Minister's Secretariat as a Cross-Departmental Internal Organization
- Strengthening the Framework for Developing the Business Environment in Relation to Web 3.0 -
July 15, 2022
The trend toward using tokens such as crypto-assets and non-fungible tokens (NFTs) as the basis for creating new value and using blockchains to manage and use data (Web 3.0) is spreading globally. In addition, as metaverses become new personal interfaces especially among younger generations such as Generation Z, digital spaces and assets could become much more important, and their business value could also increase dramatically.
In relation to these trends, first, associated potential and risks need to be accurately assessed. Furthermore, given that some entrepreneurs pursuing Web 3.0-related business are leaving Japan for opportunities overseas, deliberations toward developing the business environment in Japan need to be accelerated.
Being aware of these issues, METI has launched a team (the Web 3.0 Policy Office) to formulate policies through concerted efforts by the several departments responsible for Web3.0, which are currently dispersed among different bureaus within the Ministry.
2. Description of the work
The Web 3.0 PolicyOffice will gather information from business operators, investors, legal professionals, engineers, and other parties regarding the issues facing Japan's and overseas business environments, and work with the relevant ministries and agencies toward developing the business environment for Web 3.0.