Japan’s Financial Services Agency Charts Bold Path Towards Digital Future With Web3 Embrace

Summary: Japan’s Financial Services Agency has unveiled its financial policy guidelines for the upcoming administrative year, spanning July 2023 to June 2024. Under the banner of “Constructing a Financial System Aligned with Societal Concerns and Economic Advancement,” the agency has put forth the ambitious objective of realizing a digital society. This encompassing goal encompasses plans for the implementation of digital currencies and encrypted assets in line with Web3 policies. Among the proposed strategies is the facilitation of a registration review system, aimed at enabling seamless issuance and circulation of stablecoins. The encouragement of self-regulatory bodies is also highlighted in these policies. The country’s largest global Web3 conference, “WebX,” held in July, enjoyed sponsorship from Japan’s Financial Services Agency. The conference featured a video speech by the Prime Minister, reaffirming the government’s robust backing of the Web3 policy. The pursuit of sustainable economic growth is a cornerstone of Japan‘s financial management approach for this fiscal year. The agency is set to formulate pertinent financial legislation to support this objective, with plans to promptly submit relevant bills to Congress.