Japan Aims to Lead in Web 3.0 Segment
Date: 2023-11-29 Author: Dima Zakharov Categories: BLOCKCHAIN
Diverse Regulatory Stances on Digital Assets
As nations explore blockchain and cryptocurrency realms, a global regulatory framework is yet to emerge. Each jurisdiction handles digital assets differently. Japan, for instance, strives to pioneer the digital asset and Web 3.0 space, notably easing cryptocurrency regulations, in contrast to South Korea's stringent measures.
Japan's Growing Appeal
Often referred to as the "Land of the Rising Sun," Japan is increasingly attractive to niche startups. Notably, major cryptocurrency exchange Binance recently reestablished its presence in the country. Prime Minister Fumio Kishida has vocally supported Web 3.0 and blockchain technologies. Conversely, South Korea faces regulatory constraints and declining institutional interest.
Competing for Dominance
Observers note Japan's evident competition with South Korea for dominance in the cryptocurrency sphere. However, discussions on effective regulation in this industry are ongoing. Analysts highlight that the decentralized nature of digital assets challenges traditional financial oversight methods.
Coordinated Efforts for Regulatory Framework
Establishing a regulatory framework demands coordinated efforts among nations. Significant changes are also observed in Argentina following Javier Milei's presidency. The unconventional politician proposes an ambitious plan, including dismantling the Central Bank and considering replacing the peso with the US dollar or Bitcoin. He emphasizes that many countries progress economically without solely relying on national currencies.
