Japan’s regulatory and political environment for cryptocurrencies and Web3 technologies has evolved rapidly in recent years. The Japan Financial Services Agency reported in December 2022 that it planned to lift restrictions on foreign-issued stablecoins on Japanese exchanges, which could have significant implications for the decentralized finance (DeFi) ecosystem in Japan and the region overall.
Besides, The Japanese government’s announcement that it plans to invest in non-fungible tokens (NFTs) and the metaverse highlights the growing recognition of the potential of Web3 technologies to transform various sectors of society and the economy.
Against the backdrop of these major developments for blockchain and cryptocurrency, industry experts from around the world gathered at Tokyo’s historic Kanda Myojin Shrine for DAO Tokyo 2023, a conference focused on decentralized autonomous organizations (DAOs). ) and hosted by Fracton Ventures.
The panel of keynote speakers spanned various sectors of the DAO ecosystem, including ENS DAO, which runs the Ethereum Naming Service; Shibuya, a decentralized social media platform; the dYdX Foundation, an independent foundation dedicated to the dYdX decentralized exchange; and more.
Traditions meet decentralized technology
Speakers discussed the importance of DAOs as a new paradigm for organizational governance and decision-making, and their potential to transform the art world, promote decentralized creativity, and empower local businesses and residents.
DAO Tokyo featured numerous panel discussions where participants discussed the importance of creating decentralized systems that prioritize user privacy and control, and the potential of Web3 to enable new ways of creating value and monetization.
Panelists also discussed the potential of blockchain technology to enable new forms of trust and collaboration, especially in sectors such as finance and supply chain management. They highlighted the potential of DeFi to transform the financial industry and the challenges of regulatory compliance.
In addition to interesting panel discussions and keynote addresses, The DAO Tokyo conference also featured a series of activities that highlighted the potential of decentralized technology, including a campaign to coin augmented reality NFTs Kanda Myojin designed to commemorate the conference.
— TOKYOLUV (@TokyoLuv) April 15, 2023
ENS DAO created and distributed “ENS Cards” to about 120 pre-registered event participants. These NFC-enabled “business cards” for the Web3 era served as NFT badges proving that the participants had met, a feature enabled by tapping the card on the smartphone.
These are the unclaimed @DAO_TOKYO_XYZ @ensdomains swag cards . Please come and collect in the next 30 min as we are closing the booth. pic.twitter.com/s2oH1bskjq
— matoken.eth ETHTokyo/DAOTokyo (@makoto_inoue) April 13, 2023
These are the unclaimed @DAO_TOKYO_XYZ @ensdomains promo cards. Please come and pick up in the next 30 minutes as we are closing the booth.
It was interesting to see how at this global event – with 90% of the audience from outside Japan – the only people exchanging physical business cards were Japanese, symbolizing how the latest trends arrive in Japan later than the rest of the globe and highlighting how Japanese society respects its traditions.
When asked why he wanted to participate in the event, Makoto Inoue, Ethereum Name Service Lead Developer, noted that ENS was impressed by the vitality of the community at the previous DAO NYC event in New York and wanted to contribute to the success of the first event. Full DAO in Asia sponsoring him.
He also highlighted the potential of DAOs to manage projects like DeFi and NFTs, and said he hoped more tools would emerge to facilitate participation.. Makoto noted that the cryptocurrency sector is going through a winter season, but this is an opportunity for new projects to emerge.
Jocelyn Chang, Asia-Pacific Growth Lead at MakerDAO, told Cointelegraph: “Asia, with many innovative projects and initiatives in the space, has a unique opportunity to play a leading role in shaping the future of DAOs.” Participating in a DAO conference in Asia is an important step to promote adoption, collaboration, diversity, and innovation in DAO development in the region.”
Patrick Rawson, co-founder of Curve Labs, told Cointelegraph that the dominance of Western DAOs is going to change as Asia gains momentum in the Web3 space. He said that Asia would become increasingly involved in the Web3 space as Western jurisdictions like the United States face regulatory challenges and Asian developers become increasingly involved in the blockchain and cryptocurrency industries.
The DAO in Tokyo was a reminder of the energy and creativity that drives the Web3 industry, and of Japan’s position at the forefront of this new frontier. With a growing ecosystem of blockchain startups, investors, and enthusiasts, Japan is poised to become a major player in the world of Web3.
The Japan Business Federation – also known as Keidanren – recently made a proposal that aims to make Japan a leading Web3 advanced country by 2025 by addressing various issues such as decentralized data ownership, governance transformation and innovation in various industries.
Keidanren listed three areas that Japan could address to become an advanced Web3 country: proper tax measures for token ownership, revision of the law on investment business limited liability company agreements, and proper operation of the audit of the Japan Virtual Currency Exchange Association. The federation also proposed measures for NFTs, DAOs, and the metaverse.
Japan will host several more large-scale Web3-focused conferences this summer, with Prime Minister Fumio Kishida already confirmed as a speaker at some of them.
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