Japan’s Ambition to Become a Crypto and Web3 Powerhouse, South Korean Analysts React
Japan is making significant strides in the crypto and Web3 sectors, according to South Korean analysts and experts. They believe that Japan’s proactive policies aimed at fostering these industries could elevate it to become a “crypto and Web3 El Dorado,” potentially surpassing Seoul as a major player in the market.
An article published by Chosun Ilbo, South Korea’s largest newspaper, highlights the concerns of Seoul-based crypto firms regarding Japan’s government policies. While South Korea is looking to tighten regulations in response to recent controversies, Japan appears to be moving in the opposite direction.
Japan’s crypto regulations have been historically seen as some of the most restrictive in the world. However, Prime Minister Fumio Kishida is taking steps to deregulate certain sectors of the market. Self-regulating crypto exchange bodies in Japan have already begun relaxing their strict token listing policies, and the government is reforming restrictive crypto tax laws that are believed to have driven Japanese companies away.
The Japanese government’s support measures and easing of regulations have positioned the country for growth in the crypto and Web3 sectors. Chosun Ilbo states, “While South Korea, once considered a powerhouse in virtual assets, is declining due to government regulations and a decline in investors, Japan is on the rise.”
The article also mentions Tokyo’s commitment to the Web3 space. Prime Minister Kishida delivered a video speech at the WebX conference held in Japan, demonstrating the government’s involvement and interest in the industry. The conference featured prominent figures such as Binance’s Changpeng Zhao and Roger Ver, also known as the “Bitcoin Jesus.”
The South Korean government has taken note of Japan’s progress, prompting discussions about potential measures to foster their own domestic market and ease regulations. While Japan is currently moving quickly and enjoying the benefits of government support, South Korean officials emphasize the country’s strong competitiveness in the cultural content space, with K-pop and Korean dramas enjoying global popularity.
To regain a leading position in the Web3 sector, South Korea’s crypto industry officials suggest that the government should expedite legislation, support, and deregulation measures. By doing so, they believe South Korea can strengthen its position and potentially surpass Japan once again.
In recent months, Japanese companies like Mizuno and Casio have announced their plans to enter the Web3 and NFT spaces, showcasing the growing interest and adoption of these technologies in Japan.
As Japan continues to prioritize the crypto and Web3 sectors, the race between Tokyo and Seoul intensifies. The outcome will depend on the governments’ strategies, regulatory frameworks, and support for innovation. Only time will tell which country will truly become the crypto and Web3 powerhouse of the region.
