Japan Approves Web3 White Paper to Foster Industry Growth

Japan's ruling Liberal Democratic Party's Web3 project team has published a white paper laying out recommendations for boosting the crypto industry in the country, which is part of Prime Minister Fumio Kishida's strategy of promoting technology, a project called "Cool Japan."
 
While other governments are looking to put regulation in place to protect consumers, Japan is trying to create a friendlier environment for crypto after firms began leaving for other jurisdictions because of heavy tax burdens.
 
The Web3 project team has been bypassing the usual bureaucratic processes to formulate regulatory proposals for everything from NFTs to decentralized autonomous organizations.
 
“The cryptocurrency industry has been driven by early adopters, but it will shift to mass adoption from now on,” Akihisa Shiozaki, secretary-general of the party's Web3 project team, said in an interview with CoinDesk Japan.


Source: Yahoo News