Japan’s Ministry of Economy to Have a Web3 Policy Office

The Ministry of Economy, Trade and Industry (METI) of Japan announced the opening of its own Web3 Policy Office in the minister’s secretariat.

According to the announcement, the new division will bring together departments responsible for industrial finance, taxation, corporate system, media and content, sports, fashion and other entertainment industries.

The new office is set up to “strengthen the foundations for learning about Web3-related business environment issues.”

The ministry believes that the new office will help to speed up discussions on the development of Web3 in Japan, which will prevent a further outflow of specialized specialists from the country.

And since the development of the business environment for Web3 will also include policy formulation, the “Web3 Policy Office” can become more than just an advisory body to the Ministry.

Earlier, the Japanese Ministry of Justice announced its intention to revise the law on the confiscation of assets related to organized crime in order to include a provision on the confiscation of cryptocurrencies.

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