Japan Blockchain Week 2023 receives support from the Ministry of Economy, Trade and Industry

Japan Blockchain Week 2023 in Tokyo will start from June 18 to July 9, 2023. And according to Chainwire reportthe Japanese Ministry of Economy, Trade and Industry (METI) supports this year’s edition.

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

Japan will promote Web3 through Blockchain Week 2023

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 present.

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

It is a way for Japan’s Web3 ecosystem to expand and penetrate the international Web3 communities.

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

According to reports, registration is open with Blockchain Week officials website.

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

Registration links for individual events are available on the website.

Japan wants a 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 recommend ways to develop the industry and create a more crypto-friendly atmosphere.

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 of creating regulatory proposals for everything under Web3, from NFTs to DAOs.

Unlike other jurisdictions that implement consumer protection regulations, Japan is seeking to establish a more welcoming environment for crypto.

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

In the recently released white paper, the team noted that Japan needs to show 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 emerging technology.

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

It also acknowledged the concerns over the lack of accounting standards that pose challenges for Web3 businesses in accessing auditors.

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