Japan’s Regulation Groundwork Paving the Way for Web3 Adoption
Japan is laying down the regulation groundwork to supercharge adoption path into Web3
Japan has been known for its strict regulations when it comes to cryptocurrencies, stemming from the aftermath of the Mt.Gox collapse in 2014. However, these regulations have paved the way for a unique evolution of Web3 in the country, with large corporations now making strategic moves into the space through acquisitions and investments.
One of the key players in this trend is banking giant Softbank, which acquired a controlling stake in crypto trading platform BITPoint and became a key investor in a Web3 venture fund. The latest news of Sony gearing up to launch a rebranded crypto exchange called S.BLOX after acquiring local platform Whalefin has created a buzz in the crypto community.
Mai Fujimoto, co-founder of INTMAX, highlighted the trend of large corporations entering the Web3 space during the Japan Blockchain Week Summit. She mentioned that this corporate move is unique to Japan and could lead to similar synergies seen in the United States with companies like Coinbase and Base Chain.
Sota Wanatabe, CEO of Startale Labs, sees this as just the beginning of a developing movement, with major Japanese corporations showing serious engagement with Web3. With Web3 becoming a national policy in Japan in 2022, significant developments are expected to emerge soon.
The strict regulations in Japan have made it challenging for smaller operators to enter the digital asset market, leading to a trend of acquisitions and partnerships with larger players. Daiki Moriyama, Director at Oasys, believes that acquiring existing cryptocurrency exchanges is a promising strategy due to the time and financial investment required to start from scratch.
Overall, Japan’s regulatory framework is proving to be effective groundwork for a strategic path into Web3, with the potential to supercharge adoption into new audiences and verticals. The entry of major players like Sony is not only driving industry synergies but also advancing the social perception of the field once regarded with skepticism.