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Japan’s Web3 Initiative: A Government Endeavor
Japan’s government is taking significant steps to foster Web3 technology as part of its national policy, creating a conducive environment for Web3 ventures. In an interview with CryptoSlate, Tsukada from Monex Group stated that this includes:
- Tax reforms to facilitate the management of digital assets.
- Preparations for the accounting of digital currencies.
- Legal frameworks for Decentralized Autonomous Organizations (DAOs).
- Encouragement for local governments to engage with Web3 and the metaverse.
- Support for exchanges collaborating with international talent.
- Hosting Web3 events to stimulate growth.
Regulated Cryptocurrency Exchange Operations
Since 2017, the Japanese government mandates the registration of cryptocurrency exchanges to ensure:
- Safe management of user data.
- Regulated advertising and solicitation practices.
- A secure environment for users to utilize services.
This regulatory framework has significantly enhanced innovation in Web3, with Tsukada noting that as of 2023, companies can now issue stablecoins that are backed by legal tender.
Corporate Engagement in the Web3 Space
The positive regulatory landscape has propelled major Japanese corporations to enter the Web3 arena. According to Tsukada:
“NTT Docomo, Japan’s leading telecommunications firm, has begun developing its own digital wallet, alongside an initiative to create user-friendly Web3 systems. In the gaming sector, titans like Square Enix are venturing into Web3 gaming using their intellectual properties.”
The participation of these corporate leaders marks a pivotal moment in the evolution of Japan’s Web3 ecosystem. Tsukada highlighted the success story of Brilliant Crypto, which conducted an Initial Exchange Offering (IEO) on Coincheck, generating a record investment of ¥33.3 billion.
Monex Group: Pioneering Web3 Innovations
Monex Group, a seasoned financial holding company with over two decades of experience, encompasses a range of subsidiaries, including the well-known cryptocurrency exchange Coincheck, cryptocurrency consulting firms, AI startups, and securities businesses. Tsukada elaborated:
“Monex Group offers a diverse array of services related to crypto assets and blockchain technology, such as the ‘MCB Web3 Newsletter,’ ‘MCB Research,’ the NFT initiative ‘OASIS,’ and the app ‘Cheeese,’ which rewards users with Bitcoin. Our focus on Web3 support services has intensified since December 2017.”
Expanding Web3 Consulting Services
To address the increasing need for Web3 expertise in Japan, Monex Group has launched a dedicated Web3 consulting service. Tsukada shared insights on this initiative:
“In our Web3 consulting services, we assist businesses in navigating the Web3 landscape by utilizing the extensive expertise that Monex Group has amassed over the years. Our services cover all aspects of NFT community creation, operational support, and tokenomics advice.”
Monex has partnered with major Japanese automotive companies and regional governments to enhance Web3 initiatives. The consulting offerings include:
- Research and planning for Web3 businesses.
- NFT strategy, creation, and market deployment.
- Community management and operational support.
- Metaverse collaboration and development.
- Tokenomics design and IEO assistance.
Introducing the OASIS Project
A cornerstone of Monex’s Web3 strategy is the OASIS project, conceptualized to foster a digital community. As Asami mentioned:
“OASIS, launched in January 2023, aims to provide transformative experiences and new connections. It was established as a pilot within Japan’s highly regulated Web3 environment.”
This innovative project incorporates a cross-platform approach across various metaverses, including The Sandbox and Decentraland. Asami elaborated:
“We are creating unique virtual spaces within popular metaverses such as Fortnite and Cluster, with exciting plans for expansion on the horizon.”
The multi-metaverse strategy has helped OASIS build a vibrant community of nearly 30,000 individuals, facilitating collaboration on diverse themes like AI and Japan’s Vtuber culture.
Facilitating Market Entry for Companies
Monex’s involvement in the OASIS project equips the firm with essential knowledge for supporting other businesses entering the Japanese Web3 sector. Tsukada commented:
“We have gained significant insights into community management and NFT operations through our experiences with OASIS. This positions us to assist other companies in overcoming the challenges of building Web3 interactions.”
The strengths of Monex in this field stem from its reputable corporate status, cross-group collaboration capabilities, and direct feedback from its community and metaverse services.
Future Engagements: Monex’s Involvement in Web3 Events
Monex Group is proactive in showcasing its Web3 offerings at key industry events. Recently, the company hosted a side event named “Japan Crypto Fusion” at TOKEN2049 in Dubai, garnering considerable attention despite last-minute changes due to weather conditions.
Furthermore, Monex is taking steps to enhance its presence at the forthcoming “NexTeck Week 2024” technology festival in Tokyo this November, where it seeks potential partnership opportunities.
As the Web3 landscape in Japan continues to flourish, Monex Group stands out as a multifaceted service provider, playing a pivotal role in the progression of the nation’s Web3 ecosystem. If you’re considering entering the Japanese market, reaching out to Monex Group for guidance would be beneficial.
