One of the significant hurdles for companies aiming to provide Web3.0-related services lies in the lack of mature legal frameworks within this emerging sector. While Japan's regulatory standards are undoubtedly world-class, the ambiguity surrounding how far companies can push boundaries, coupled with the complexity of accounting practices and business vision development, makes it challenging for businesses to venture into the Web3.0 space.
What does Kazutaka Mori, an internationally active lawyer with a strong foothold in both Japan and global markets, perceive as the critical issues in this space? He shared candid insights into his thoughts and future plans.
Collaborating with Projects as a Lawyer
Hiroki Nagatomo (Nagatomo): What led you to enter the cryptocurrency industry, Mr. Mori?
Kazutaka Mori (Mori): Initially, I was working as a general attorney in Osaka. However, I wanted to explore new fields and take on exciting cases, which led me to relocate to Singapore in 2016. At that time, Singapore was experiencing an ICO boom, but very few Japanese lawyers were dealing with cryptocurrency-related cases.
A pivotal moment came when a close friend working as a private banker introduced me to a company building ICO systems. I got involved in consulting and market-making projects. They educated me about the industry, and I gradually deepened my knowledge through hands-on experience and real-world cases.
Nagatomo: How do you work with projects as a lawyer?
Mori: Fortunately, I’ve consistently received a high volume of inquiries. However, taking on too many cases could compromise my ability to deliver quality work. As a result, I now primarily accept retainer agreements. This field evolves rapidly, so surface-level knowledge isn’t sufficient. To stay informed, I use the services offered by my clients and the industry to deepen my understanding.
Nagatomo: From your unique perspective as a lawyer, have you noticed any interesting trends in the industry recently?
Mori: The Japanese cryptocurrency industry seems to be evolving in a unique way. Overseas, particularly in Layer 2 development, there’s a strong emphasis on "competition" and technological advancement. It feels more about creating something better than what exists rather than improving the world with current technologies.
In contrast, Japan exudes a more altruistic vibe, with those in the Web3.0 space often asking, "How can we make the world a better place?" For example, large corporations are exploring ways to integrate Web3.0 elements into initiatives aligned with SDGs or ESG frameworks. Compared to overseas players, who are competing to establish de facto standards, Japan’s approach has a gentler tone.
This isn’t about which approach is better; both play vital roles in driving the mass adoption of Web3.0.
