Japan’s government actively promotes Web3 as a national policy, creating a favorable environment for conducting Web3 businesses there. In an exclusive interview with CryptoSlate, Tsukada from Monex Group explains that this includes “tax reforms for handling digital assets, accounting preparations, the legal positioning of DAOs, recommendations for local governments to enter Web3 and adopt the metaverse, support for exchanges with overseas talents, and Web3 events.”
Additionally, Japan has required the registration of cryptocurrency exchange operators since 2017, ensuring the “safe management of user information, regulated advertising and solicitation, and established an environment where users can utilize services with maximum protection and safety.”
This regulatory clarity has paved the way for further Web3 innovation, as Tsukada notes that in 2023, “it became possible to issue stablecoins backed by legal tender, allowing various companies, including existing financial institutions, to issue stablecoins.”
Major Japanese Corporations are Diving into Web3
The favorable regulatory environment has encouraged large Japanese corporations to enter the Web3 space. As Tsukada explains:
“NTT Docomo, the largest telecommunications company, has started developing its own wallet and is working on creating a user-friendly Web3 environment and rules. In the gaming industry, major companies like Square Enix are developing Web3 games using their IPs.”
The entry of these corporate giants signals the maturing of Japan’s Web3 ecosystem. Tsukada cites the success of Brilliant Crypto, which “conducted an IEO on Coincheck, our subsidiary and the largest CEX in Japan, reached a record high of 33.3 billion yen.”
He says this “is a great example of leveraging Web2 know-how to enter the Web3 gaming space successfully.”
Monex Group: A Diversified Financial Firm Embracing Web3
Monex Group, Inc. is a financial holding company with over 20 years of history, encompassing subsidiaries such as the centralized cryptocurrency exchange Coincheck, crypto asset consulting firms, AI startups, and securities companies.
As Tsukada explains:
“Monex Group provides various services related to crypto assets and blockchain, including the ‘MCB Web3 Newsletter’ and ‘MCB Research,’ the NFT project ‘OASIS,’ and the news app ‘Cheeese,’ which rewards users with Bitcoin. Established in December 2017, we have been focusing particularly on Web3 support services since last year, supporting the development of various services and the Japanese market.”
Monex Group’s Web3 Consulting Business: Leveraging In-House Expertise
Recognizing the growing demand for Web3 expertise in Japan, Monex Group has established a Web3 consulting business. As Tsukada elaborated:
“In the Web3 consulting business, we support companies entering Web3 by leveraging the know-how accumulated by Monex Group. We offer a wide range of support, from NFT community building and operation to NFT planning, issuance, and tokenomics consultation.”
Monex has already supported the “construction and operation of NFT projects for major automotive and Japanese local governments” and is currently “strengthening our support for overseas Web3 projects entering the Japanese market.”
The company’s Web3 consulting services include:
- Web3 Business Research and Planning
- NFT Planning, Issuance, and Sales
- Community Building/Operation
- Metaverse Development/Collaboration
- IEO Support/Tokenomics Design
Tsukada notes that Monex’s strengths in this area include “the reliability of being associated with a listed company,” its ability to “collaborate across the group” in various business developments, and “real-time feedback and insights from our community and metaverse services, used to build Web3 communities and market them.”
The OASIS Project: Monex’s Innovative NFT Community
A key part of Monex’s Web3 expertise comes from its in-house project, OASIS. As Asami explains:
“OASIS is a digital community that started in January 2023 with the concept of creating opportunities for transformation and new encounters. It was built from scratch as part of a listed company group in Japan’s highly regulated Web3 market. It is an innovative and challenging initiative, issuing and selling NFTs with almost no prior examples.”
One unique aspect of OASIS is its “cross-utilization of various metaverses.” Asami said:
“We are developing cities in Web3 metaverses like The Sandbox and Decentraland. We also have worlds in Fortnite and Cluster, Japan’s largest metaverse, and XANA, with further expansion planned.”
This multi-metaverse approach has allowed OASIS to attract a large community of nearly 30,000 members, making it “one of Japan’s largest.” Asami notes that the community “facilitates easy collaboration with many companies and projects” by discussing a “rich variety of themes” such as AI and Japan’s Vtuber culture.
Supporting Companies Entering the Japanese Web3 Market
Monex’s experience with the OASIS project has provided valuable insights that the company is now leveraging to support other organizations entering the Japanese Web3 market.
As Tsukada explains:
“Through the OASIS project, we gained extensive knowledge about community management and handling NFTs. We learned that many companies struggle with Web3 community building through interactions with external organizations and overseas projects. Therefore, we thought we could support companies entering the Web3 space through consulting.”
Monex’s strengths in this area include “the reliability of being associated with a listed company,” its ability to “collaborate across the group,” and access to “real-time feedback and insights from our community and metaverse services, used to build Web3 communities and market them.”
The company has already “started joint Web3 service construction with major domestic automotive” and “collaborated with local governments on regional contributions through Web3.”
Looking Ahead: Monex Group’s Presence at Upcoming Web3 Events
Monex Group actively showcases its Web3 expertise and services at major industry events. The company organized a side event called “Japan Crypto Fusion” at TOKEN2049 in Dubai, which attracted a strong turnout despite a schedule change due to record-breaking rainfall.
Additionally, Monex Group is planning to have a significant presence at the upcoming “NexTeck Week2024” technology festival in Tokyo in November, where the company is seeking partners to exhibit with them.
As the Japanese Web3 market continues to evolve, Monex Group’s diverse financial services and innovative approach to community building and consulting make it a key player in the country’s burgeoning ecosystem. If you have even a slight interest in expanding into the Japanese market, it would be wise to submit an inquiry.
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Conclusion:
In conclusion, Japan’s proactive approach to promoting Web3 and creating a conducive environment for Web3 businesses has led to significant developments in the country’s digital asset landscape. The regulatory clarity and support for innovation have encouraged major corporations to venture into Web3, driving the growth of the ecosystem.
Monex Group, as a diversified financial firm, stands out as a key player embracing the potential of Web3. Through its innovative projects like OASIS and comprehensive Web3 consulting services, Monex Group is not only contributing to the advancement of the Japanese Web3 market but also supporting companies looking to enter this dynamic space.
As Monex Group continues to participate in industry events and expand its presence in the Web3 landscape, its expertise and services are set to play a pivotal role in shaping the future of Web3 in Japan and beyond.
