Japan Positioned to Become World Leader in Blockchain Technology

Japan is poised to become a world leader in blockchain technology, according to Masaaki Taira, a member of the House of Representatives of the Liberal Democratic Party of Japan. Taira made this statement at the Tokyo Nextech Week exhibition where he gave a presentation on the need to strengthen Japan’s Web3 capabilities, with a focus on decentralized blockchain technology, metabus, and non-fungible tokens (NFT).

Taira’s speech was consistent with the Japanese government’s policy to support the growth of Web3, according to Forcast, a blockchain news outlet. “Japan has a relatively good idea of ​​what it is trying to push itself,” he added. “Global tech companies are paying attention to the Japanese market.”

Taira Masaaki in 2019. Photographer: Baris Oral/Anadolu Agency/Getty Images

In addition to his presentation, on the 6th of May, Taira released the Web3 white paper from the Web3 Project Team of the Digital Society Promotion Headquarters of the Liberal Democratic Party through Twitter. This white paper covers a wide range of issues, including the attitude Japan should take toward Web3 and the issues it should respond to, as well as NFT-related issues. It was created by field workers in collaboration with the government, according to data released by Taira.

Japan has been exploring the potential of blockchain technology for several years now. The government has recognized the importance of blockchain as a technology that can improve various industries, from finance to healthcare. In recent years, there has been a growing interest in decentralized finance (DeFi) and NFTs, which are both built on blockchain technology.

Japan has also been taking steps to regulate the crypto industry. In 2017, it became the first country to regulate cryptocurrency exchanges. The Financial Services Agency (FSA) is responsible for overseeing the industry, and it has been working to ensure that exchanges comply with the regulations.

Taira’s speech and the release of the Web3 white paper demonstrate the Japanese government’s commitment to blockchain technology. The country is well-positioned to become a leader in this space, given its strong tech industry and the government’s support. As the technology continues to evolve, it will be interesting to see how Japan leverages blockchain to drive innovation and growth in various sectors.

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