Japanese congressmen Masaaki Taira and Hideto Kawasaki stated in an interview on Wednesday that they would like to create national Web3 policies.
The nation has been considering various approaches to Web3 regulation. According to a blog post, the Web3 project team (web3PT) of the Liberal Democrat Party released a white paper in April 2023 and promised to hold a discussion “with the aim of developing various Web3 projects using blockchain technology.”
They also organized a rulemaking hackathon for decentralized autonomous organizations (DAOs) at the end of 2023, where stakeholders could voice their preferences to legislators.
Kawasaki, who is also executive director of the Web3PT, said, “Through the hackathon, both short-term issues and medium to long-term issues became clear.”
One significant area of concern is the lack of clarity surrounding DAOs and whether or not businesses must use smart contracts to be classified as DAOs. Taira, the web3PT chair, believes that this issue will eventually be resolved.
Kawaski stated, “The next step is to clearly reflect this in the next white paper,” mentioning that DAO regulations would need to be developed. He added, “Furthermore, we would like to grasp the current situation in areas other than DAOs and identify new important points for policy within web3PT.”
In July 2023, the Prime Minister of Japan, Fumio Kishida, also announced that the country plans to support Web3 technology.
