At the WebX2024 conference, officials from Japan’s Ministry of Economy, Trade and Industry (METI) and the Financial Services Agency (FSA) discussed the government’s commitment to fostering emerging technologies, particularly Web3.
**Kazuka Itagaki**, assistant director of METI, opened the session by emphasizing the Kishida administration’s prioritization of startup policies, specifically highlighting initiatives aimed at Web3. He noted his extensive collaboration with various ministries, underscoring the importance of a cohesive approach to innovation.
**Akiho Shimizu**, from the FSA’s Innovation Promotion Office, shared insights from her experience since September 2022, focusing on gathering information rather than regulatory oversight. She highlighted that the FSA’s FinTech Support Desk is the primary point of contact for startups, particularly those involved in Web3, encouraging them to seek guidance on navigating the regulatory landscape.
**Yoko Ikeda**, director at METI, elaborated on the administration’s investment in startups as a catalyst for economic growth. She pointed out the necessity of aligning major system reforms with contemporary trends, especially as Japan transitions away from traditional employment practices.
Shimizu further noted that individuals outside the Web3 sector could significantly influence legal reforms, stressing the need for relatable use cases to foster societal consensus around these technologies. She encouraged continuous study and adaptation to keep pace with rapid technological advancements.
Ikeda called for collaboration between the government and private sector, particularly in explaining complex topics within the Diet, Japan’s legislature. She acknowledged the challenges posed by the fast-evolving nature of new technologies and the need for clear communication.
Both officials discussed the **regulatory sandbox system**, which allows for experimentation in a controlled environment, potentially driving innovation. Shimizu mentioned the **Fintech Demonstration Testing Hub**, a collaborative effort between the FSA and private entities aimed at testing new ideas.
Itagaki concluded by expressing the desire for more input from individual companies rather than just industry groups, highlighting the challenge of keeping government personnel trained and knowledgeable in the face of rapid technological change.
This dialogue reflects Japan’s strategic approach to harnessing Web3 technologies, positioning itself as a leader in the global digital economy while navigating the complexities of regulation and innovation.
