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Japan Blockchain Week 2023 Receives Backing from the Ministry of Economy, Trade and Industry

Yuri Molchan
Last updated: | 2 min read

The Japan Blockchain Week 2023 in Tokyo will commence on June 18 to July 9, 2023 and according to the Chainwire report, the Japanese Ministry of Economy, Trade and Industry (METI) is backing this year’s edition. 

This development comes amid the growing need for clearer regulatory pathways for crypto and accelerated efforts to become a global digital assets hub. 

Japan To Promote Web3 Through The Blockchain Week 2023

The Japan Blockchain Week is the largest blockchain event held in Japan to promote the country’s web3 community to the world. 

The last event was held in Tokyo in 2022, with over 30 community events attracting global attention.

According to the report, the upcoming event is the first since the COVID pandemic settled, and many participants locally and abroad will be in attendance. 

Blockchain Week provides an opportunity to connect Japanese Web3 communities and enables them to interact with other international Web3 participants. 

It’s an avenue for Japan’s Web3 ecosystem to expand and penetrate the international Web3 communities. 

The event coordinators have called for participants looking to present events that will make Blockchain Week fun and impactful. 

According to reports, registration is open at the Blockchain Week official website

There will be various community events, such as Tokyo Blockchain Tech Meetup, NFTs exhibitions, an NFT after-party, a crypto art festival, an official wrap-up party, and much more. 

Registration links to individual events are available on the website.

Japan Pushes For More Crypto-friendly Atmosphere.

Japan has been pushing for a more welcoming atmosphere for the crypto industry lately. 

Recently, the country’s Web3 project team released a white paper recommending ways to develop the industry and create a more crypto-friendly atmosphere.

The Japanese Prime Minister Fumio Kishida’s administration has already incorporated these recommendations into the national strategy for crypto expansion. 

The team aims to bypass the traditional bureaucratic processes to create regulatory proposals for everything under Web3, from NFTs to DAOs.

Contrary to other jurisdictions implementing consumer protection regulations, Japan seeks to establish a more welcoming environment for crypto. 

Japan’s ruling party, Liberal Democratic Party, had proposed to relax the tax obligations for crypto firms as many fled the country due to high taxes.

In the newly released white paper, the team noted that Japan must exhibit leadership during this year’s G7 summit, which will address crypto issues.

They recommended that Japan focus on the potential benefits of Web3 and establish a leadership position in the evolving technology.

Furthermore, the white paper recommended additional softening to tax regulations, noting the existing exemption for token issuers. 

It also recognized the concerns over the lack of accounting standards posing challenges for Web3 businesses to access auditors.

Given Japan’s latest efforts on crypto-economic inclusion, METI’s support for the upcoming Blockchain Week event could be part of its plans to promote Web3.