6 Key Topics to Watch in Japan's Web 3.0 Industry in 2024

Looking at the trends in the Japanese Web 3.0 industry, can we see the future of the world?

Did you know that Japan's Web 3.0 market is considered to be the most mature in the world? As of 2017, Japan accounted for approximately 43.6% of the world's Bitcoin trading volume. However, due to a series of hacking incidents at large exchanges, it is still fresh in our memory that the public has developed a mindset that "cryptocurrency is suspicious."

The Japanese government also began to regulate cryptocurrency trading after the incident, and investors from around the world have left the Japanese market, saying that "a market bound by rules is not attractive."

However, the essence of Web 3.0 was originally the idea of ​​taking back individual assets and rights from the hands of a few large corporations, aiming for a more fair and decentralized information infrastructure for everyone.

In an Internet space that is provided exclusively by a single company, the rules of use may suddenly change depending on the mood of the company. However, in the area of ​​Web 3.0 using blockchain, there is a possibility that the world of the Internet can be restored to its original form of public infrastructure.

Now that the speculative heat has subsided and blockchain technology has developed further, the Web 3.0 industry is once again beginning to steer toward realizing its original ideals. As a result, the Japanese market has once again attracted attention.

Think about it. Wouldn't it be unsettling if companies entrusted with public infrastructure equivalent to electricity, gas, and water networks were doing whatever they wanted without any rules? That is why Japan is being put in the spotlight as "the legal regulations established by Japan will be the guideline for Web 3.0."

In November 2023, when the cryptocurrency exchange "FTX" collapsed, more than 1 million investors around the world were unable to withdraw their funds. However, in Japan, cryptocurrencies and cash equivalent to 24.3 billion yen have been withdrawn to investors affected by the incident. This is the result of Japan's implementation of legal regulations and legal preparations in the Web 3.0 area ahead of the rest of the world. It may be a blessing in disguise, but investors can trust that Japan will protect them even in times of emergency.

The Kishida administration has determined that Japan can become a global standard in the Web 3.0 field, and is continuing regulatory reform as a national strategy. There is no other country that is so proactive in developing a Web 3.0 business environment. That is why observing industry trends in Japan is paramount when predicting the future of the industry.