Japan's Digital Agency launches DAO to explore DAOs and Web3

Published at: Nov. 3, 2022

The Digital Agency of Japan, aimed at harmonizing nationwide initiatives related to digital transformation, has launched a research decentralized autonomous organization, or DAO, targeting Web3.

In a Nov. 2 meeting, the Digital Agency said it had established a DAO in an effort to explore the “functions and roles” of DAOs. The group added it would consider the benefits and challenges of granting the DAO legal status in Japan, citing the U.S. state of Wyoming approving similar legislation in July 2021.

According to the Digital Agency, it planned to investigate aspects of digital assets and DAOs which could potentially be used for “cross-border crimes that exploit blockchain technology” and threaten user protection. The announcement suggested the agency could conduct a blockchain analysis of complaints related to the digital asset space from Japan’s authorities.

“In regards to services and tools discussed in connection with Web 3.0 including crypto assets, DeFi, NFTs, DAOs, and the metaverse, each have benefits and risks,” said the Digital Agency. “There are various problems to be addressed.”

The newly established Digital Ministry of the Japanese announced on November 2 that it has established its own DAO to investigate and analyze its problems and potential by actually participating in the DAO, and whether to grant the DAO legal personality. https://t.co/llzWrzymAi

— Wu Blockchain (@WuBlockchain) November 3, 2022

The agency added it was exploring other initiatives related to digital innovating, including the trial run of a nonfungible token, or NFT, “that proves the work history of staff members.” The group noted that such a token would need to fall outside the country’s anti-money laundering and countering the financing of terrorism regulations, as many crypto assets do.

Related: Japanese regulators loosen crypto laws and make it easier to list coins

Though many consider Japan to have some of the strictest crypto regulations in the region, the country moved forward on adoption. Japanese Prime Minister Fumio Kishida said in October the government will be making efforts to promote Web3 services, including those dealing with NFTs and the metaverse. The city of Fukuoka, aiming to become a Web3 hub, also partnered with the company behind the Astar blockchain.

Tags
Regulation
Government
Dao
Japan
Related Posts
Japanese Prime Minister says DAOs and NFTs help support government’s 'Cool Japan' strategy
Fumio Kishida, the Prime Minister of Japan, has come out in support of blockchain as a potential solution for technological issues facing the country. In response to questioning from Liberal Democratic Party member Masaaki Taira before the Budget Committee of Japan’s House of Representatives on Feb. 1, Kishida said there were “various possibilities for using Web3” in Japan. He added that the Japanese government could use aspects including nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs) in efforts to revitalize regions and promote ‘Cool Japan’ — a national strategy aimed at showing off the country’s innovations and culture to the …
Nft / Feb. 2, 2023
2020’s 5 countries friendliest to crypto and blockchain
As the use of cryptocurrencies continues to spread around the world, a number of countries have established themselves as leaders in adoption. COVID-19 has dominated 2020, and the effects of the ongoing pandemic have stifled many economies. However, the cryptocurrency space has enjoyed a year of resurgence that has seen decentralized finance become a major trend, while Bitcoin (BTC) has finally surpassed its former all-time high of 2017. It is worth noting that governments, policymakers and financial regulators have become far more clued-in on cryptocurrencies and blockchain technology over the past two years. This has lent a hand to the …
Adoption / Dec. 30, 2020
World governments agree on importance of crypto regulation at G7 meeting
Digital-asset regulation has been a hot topic in 2020 and shows no signs of cooling. A recent G7 meeting concluded that the sector faces an ongoing need for regulation. In addition to talking about COVID-19 and economic issues, the group “also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities,” according to a public statement from the United States Department of the Treasury on Monday: “There is strong support across the G7 on the need to regulate digital currencies. Ministers and …
Regulation / Dec. 7, 2020
Japan the Next Country to Mint a Digital Currency?
With finance ministers and central bank governors having recently discussed cryptocurrency regulations at the G-20 summit, Japan is taking notice at home. Leaders at the Bank of Japan (BOJ), Ministry of Finance (MOF), and Financial Services Agency (FSA) have held a number of meetings to determine whether the country should become next in line to adopt a government-sanctioned digital currency. The issues under discussion include how the Japanese government embracing a central bank digital currency (CBDC) would impact the world economy. Despite the rise of numerous crypto exchanges, the U.S. dollar continues to be the de facto global currency. Japan …
Regulation / Feb. 24, 2020
Japan Exchange Group alerts against imposter crypto trading platforms
Japan Exchange Group (JPX), the Tokyo Stock Exchange and Osaka Exchange owner, warned the public against companies that are misleading Japanese investors by selling crypto assets under the JPX brand. JPX issued the alert after receiving reports about an ongoing attempt to dupe unwary investors into trading Bitcoin (BTC) and cryptocurrencies on platforms misrepresented as JPX or one of its subsidiaries. Alert on trading in crypto assets using similar names to JPXhttps://t.co/CVrvpA0dNE — Japan Exchange Group EN (@JPX_official_EN) February 8, 2022 The company highlighted that the fraudulent companies in question are replicating JPX names, logos and URLs in various forms …
Blockchain / Feb. 22, 2022