Exclusive Interview with Attorney Kazutaka Mori: Supporting Web3.0 Businesses Through Legal Expertise

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.

Hiroki Nagatomo (Nagatomo): Have there been any significant changes in the Web3.0 industry over the past few years?

Kazutaka Mori (Mori): For instance, around 2017, there were many dubious projects, and the key was to discern and reject unsuitable ones—what I’d call a chaotic period. By 2018 and 2019, many Japanese startups like DEA, Astar Network, and Oasys expanded into Singapore. In 2020 and 2021, major players such as gaming companies, social gaming firms, and IT enterprises followed suit. From late 2022 to now, companies unrelated to gaming or IT, such as those in infrastructure and energy, have been actively looking to integrate Web3.0 into their business models.

Nagatomo: Is this activity concentrated in Singapore or Dubai?

Mori: It depends on the project. In Japan, regulations were once very strict, but we’re now seeing positive changes, such as updates to the tax system and clarified regulations around NFTs. Auditing challenges are also being addressed. Projects that previously could only be executed overseas might now be feasible in Japan. It’s no longer the case that everything Web3.0-related must be pursued abroad.

Nagatomo: Do you think the entry of large corporations into Web3.0 can drive mass adoption?

Mori: It holds great potential. The degree of generational coverage remains a question, but if large companies issue tokens or NFTs that offer desirable perks—such as priority access to products or services—users are likely to engage. Established ecosystems within these companies can accelerate adoption.

Rather than focusing on multiplying token values, large corporations tend to use Web3.0 to enhance customer satisfaction by adding functionalities that were previously unattainable in their existing services. This long-term and stable vision could also encourage smaller, more agile companies to offer complementary services, creating a uniquely Japanese form of Web3.0 development—a kind of "Galapagos effect."

Nagatomo: What differences have you noticed between Japan, Singapore, and Dubai regarding Web3.0 adoption?

Mori: In Dubai, cryptocurrency feels much closer to daily life. For example, I can pay my rent in Tether (USDT), and many cafes and stores accept cryptocurrency. There are also exchange offices in some malls where you can convert crypto into cash.

In Singapore, cryptocurrencies are not commonly used in daily life, but it remains a hub for Web3.0 companies and funds.

Nagatomo: Considering the next two to three years, should a Web3.0 business set up operations in Japan or overseas, such as Dubai?

Mori: If your vision is global from the outset, locations like Dubai—where authorities are Web3.0-friendly and support systems for Japanese entrepreneurs are robust—or Singapore, with its mature Web3.0 ecosystem, are excellent choices.

However, if your service targets Japan, there’s no absolute need to operate overseas. Complying with Japanese regulations is a viable option, especially since regulatory policies and tax systems are improving. That said, hurdles like the lack of a separate tax system for individual investors and ongoing auditing challenges remain barriers to mass adoption in Japan.

Ultimately, the most critical factor is your target market and business strategy. Choosing the right base depends on your long-term vision, and I strive to provide effective support by continuously refining my expertise to offer the best options for my clients.

Profile

◉Kazutaka Mori
Representative of One Global Advisory (Dubai) and Attorney

An attorney and partner at One Asia Law Offices, representative of One Global Advisory (Dubai), visiting professor at Kobe University and the National University of Singapore, and advisor to the Japan Blockchain Association. Since relocating to Singapore in 2017, he has focused on supporting Japanese companies in the global expansion of their Web3 businesses. He has also invested as an angel in approximately 20 Japanese startups pursuing opportunities overseas and serves as the owner of MGG Verse, a gaming guild with over 100 members.

In 2023, he partnered with the established UAE law firm Alsuwaidi to launch a UAE branch under the One Asia brand, beginning a dual-base life between Singapore and Dubai.

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