Here’s a summary of the situation of Web3.0 and crypto in Japan

1．Low Attention towards Crypto:

Currently, the level of attention towards cryptocurrencies within Japan is relatively low. With a cryptocurrency ownership rate of around 4% among the population, there is limited awareness and usage. The stability of the Japanese yen might contribute to the lack of perceived necessity for investing in or using cryptocurrencies for many individuals.

2. Japanese Government’s Web3.0 Growth Strategy:

The Japanese government views Web3.0 as part of the nation’s growth strategy and sees it as an opportunity for a reversal. Key figures within the ruling party, like the Liberal Democratic Party, have created a whitepaper focusing on Web3.0. This whitepaper proposes changes to taxation and offers support for Web3.0 businesses. There’s a particular emphasis on leveraging Japan’s strengths in areas like content, gaming, and art to create significant value using Web3.0.

3. Legal Changes for Stablecoins:

Japan has enacted legal changes that allow for the issuance of stablecoins backed by fiat currency. This adjustment permits entities such as banks, fund transfer operators, and trust companies to issue stablecoins. This development contributes to enhancing the convenience of cryptocurrency use.

4. Involvement of Major Corporations:

Prominent companies (such as SBI Group, LINE, Rakuten, GMO Internet, NTT Docomo, SoftBank, AU, etc.) are increasingly entering the space. They are venturing into NFT marketplaces, metaverse services, and even establishing Web3-oriented companies. While substantial investments and initiatives are limited, there’s growing interest from venture capitalists.

5. Limited Interest in DeFi:

Within Japan, traditional financial institutions, trust and hedge funds, and cryptocurrency exchanges have recognized the potential of decentralized finance (DeFi) but have shown limited interest so far.