Japanese lawmakers are interested in creating a new Web3 policy!

Web3 and Blockchain technology are currently making quite an impact in the technology arena and are also becoming popular day by day due to their various advantages. Especially in terms of transparency, security and ownership, Web3 and Blockchain technology have changed so day by day various organizations starting from governments of different countries want to be included in them. Currently Japanese lawmakers also want to create new laws and those laws are based on Web 3.

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Due to the various advantages of Web3 and its many sectors, the country is currently looking at different ways to regulate Web3. To that end, the country's Liberal Democrat Party's Web3 Project Team (web3PT) published a white paper last year. They have also expressed interest in developing various Web3 projects using blockchain technology in addition to publishing white papers and have committed to discuss the same.

The country even hosted a Decentralized Autonomous Organization (DAO) rulemaking hackathon late last year for that purpose. The arrangement was a mechanism where stakeholders were able to express what they wanted to policy makers. As a result of this program, the stockholders received many benefits. Both short-term problems and medium-to-long-term problems have become clear through this arrangement in particular.

The concern that many had was that some solution was needed, especially in the case of decentralized autonomous bodies. A significant area of concern is that there needs to be more clarity around DAOs and whether or not companies need to implement a smart contract to be classified as a DAO.

A specific white paper is needed to clarify all these issues. That is why they want to clearly reflect this in the next white paper. And for that the country must make regulations for DAOs. Moreover, the country must identify new key points for policy within web3PT to understand the current situation in areas other than DAOs. Therefore, efforts are being made to formulate this new law of the country and everyone has agreed.