Japan Embraces Web3 As Global Regulators Grow Wary of Crypto
With tight regulations already in place that helped insulate FTX Japan and its investors from heavy losses, Japan is working on policy and guidelines for stablecoins, NFTs and DAOs as it welcomes a crypto future.
While many other countries are standing still and shrugging their shoulders in the face of the cold wind, Japan is positioned to play a unique role in the crypto industry.
So reads a proposal by Japan’s ruling Liberal Democratic Party Web3 project team. In other words: Where other nations fear crisis, Japan sees opportunity.
After a recent trip to Tokyo, it’s hard to overstate how out of sync Japan is with much of the world. No one I spoke with seemed particularly fazed by the FTX meltdown or the string of crypto implosions that preceded it. The FTX crash has had “no impact on policy making,” said Masaaki Taira, a member of the House of Representatives and the ruling Liberal Democratic Party’s Web3 Project Team.