The Japanese Economy Ministry has established a Web3 Policy Office.

The Japanese Economy Ministry has established a Web3 Policy Office.

The Japanese Ministry of Economy, Trade, and Industry (METI) has announced the establishment of a Web3 policy office within the Ministerial Secretariat. The sole entity is dedicated to bringing unity to the divisions dealing with industrial finance, corporate systems, revenue, and the rest of the fashion, sports, entertainment, and media industries.

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‘Policy Office Web3’ Japan’s Ministry of Economy introduced it.

The 15th of July proclamation implies that the unique office’s purpose would be to strengthen the agenda to analyze business environment matters in the case of Web3. It went on to say that, with a few entrepreneurs looking for work in the Web3 sector departing Japan, the country needs to advance its business climate by integrating new sectors that are being promoted to a big level and capturing the attention of a large segment of the population.

According to the statement, expanding the business environment to include the Web3 space will also take policy formation into consideration. As a result, the “Web3 Policy Office” status might be that of an institution above the level of just a consultant business. The University of Tokyo (or Todai) declared its first study program series to be performed within the Metaverse in July 2022.

The courses covered in the respective study programs will be available to students ranging from high school to those who are academically prepared working as workers. The remaining notable use cases of the Metaverse world within the authority of Japan in recent months include up to 29 trade schools that are classified within the Niigata-based NSG College League.

These organizations have established a virtual support room within the venue known as SecondLife Mass effect universe. Regardless of the vast advancements taking place in the Web3 environment, Japanese government regulators have come to the realization that there is substantial concern about the entire regulation of the crypto world.

Japan’s Crypto Regulatory Strategy Lagging?

On the 18th of July, a person – who was intimately acquainted with both the government and the business and asked not to be identified for various reasons – stated to journalists that the methodology currently being used to address cryptocurrency regulation is inefficient and has flaws.