The Japan Digital Agency, which aims to harmonize national initiatives related to digital transformation, has launched a decentralized autonomous organization, or DAO, for Web-targeted research3.
In a meeting held on November 2, the Digital Agency said it had established a DAO in an effort to explore the “functions and roles” of DAOs. The group added that it would consider the benefits and challenges of granting legal status to DAOs in Japan, citing the US state of Wyoming which passed similar legislation in July 2021.
According to the Digital Agency, planned to investigate the aspects of digital assets and DAOs that could be used for “cross-border crimes that exploit blockchain technology” and threaten the protection of users. The announcement suggested that the agency could conduct a blockchain analysis of complaints related to the digital asset space from authorities in Japan.
“When it comes to the services and tools being discussed in relation to Web 3.0, including crypto assets, DeFi, NFTs, DAOs, and the metaverse, each has benefits and risks,” the Digital Agency said. “There are several issues that need to be addressed.”
The newly established Digital Ministry of the Japanese announced on November 2 that it has established its own DAO to investigate and analyze its problems and potential by actually participating in the DAO, and whether to grant the DAO legal personality. https://t.co/llzWrzymAi
— Wu Blockchain (@WuBlockchain) November 3, 2022
Japan’s newly established Digital Ministry announced on November 2 that it has established its own DAO to investigate and analyze its problems and potential in actually participating in DAOs, and to see whether to grant legal personality to DAOs.
The agency added that it was exploring other initiatives related to digital innovation, including testing a non-fungible token, or NFT, “that proves the work history of officials.” ANDThe group pointed out that such a token would have to fall outside the country’s anti-money laundering and terrorist financing regulations, as is the case with many crypto assets.
Although Japan is considered by many to have some of the strictest cryptocurrency regulations in the region, the country made progress in adoption. Japanese Prime Minister Fumio Kishida said in October that the government would strive to promote Web3 services, including NFTs and the metaverse. The city of Fukuoka, which aspires to become a Web3 “hub”, has also partnered with the company behind the Astar blockchain.
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