In Japan, the bureaucracy designs new policies, but with Web3, politicians have taken the lead instead. As a result, a policy drafting process that might ordinarily take months has happened in weeks. lavender_au reports
Japan’s politicians are taking the lead on Web3 policymaking, a sharp departure from the usual process in the nation.
Kishida’s administration established a policy office dedicated to Web3 under the Ministry of Economy, Trade and Industry, or METI, although it is likely other government bodies, including those responsible for finance, tax and justice, will also be involved in forming crypto policies.In Japan, policies are usually designed by the bureaucracy, but with Web3 the politicians have taken the lead instead. As a result, a policy drafting process that might ordinarily take months has taken weeks.
If the white paper had followed the bureaucratic route, it would have undergone a long process of 10 or so meetings, each meeting two or three weeks apart, and the government would have called in scholars, formed an advisory board and asked for public comment.He also avoided the white paper getting tangled up with interest groups.
In June, Web3 was mentioned in the “honebuto,” a document that outlines the government’s broad plans for the future. The document said that crypto legislation will be sent to Japan’s parliament next year.In August, when he reshuffled his cabinet, Kishida appointed Taro Kono, one of the nation’s most powerful politicians, as digital minister. Kono, known for his willingness toin Japan when it comes to crypto is taxes.
Yuzo Kano, co-founder of crypto exchange bitFlyer, will submit proposals to Japan’s Financial Services Agency in his capacity as head of the JBA. He plans to explain these to Web3 proponents in Japan’s parliament.
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