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The Japanese government is actively promoting Web3 as a national policy, creating a favorable environment for pursuing Web3 activities there. In an exclusive interview with CryptoSlate, Monex Group’s Tsukada explains that these include “tax reforms for dealing with digital assets, accounting preparations, the legal positioning of DAOs, recommendations for local governments to enter Web3 and take over the metaverse, support for exchanges with foreign talents. and Web3 events.”
Furthermore, Japan has required the registration of cryptocurrency exchange operators since 2017, ensuring the “secure management of user information, regulated advertising and solicitations, and creating an environment in which users can use services with maximum protection and security.”
This regulatory clarity has paved the way for further Web3 innovation, as Tsukada notes that in 2023 it “became possible to issue stablecoins with legal tender, allowing various companies, including existing financial institutions, to issue stablecoins. ”
Major Japanese companies are diving into Web3
The favorable regulatory environment has encouraged major Japanese companies 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, big companies like Square Enix develop Web3 games using their IPs.”
The arrival of these corporate giants heralds the maturity 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, reaching an all-time high of 33.3 billion yen.”
He says this is “a great example of leveraging Web2 know-how to successfully enter the Web3 gaming space.”
Monex Group: a diversified financial company embracing Web3
Monex Group, Inc. is a financial holding company with more than 20 years of history and includes subsidiaries such as the centralized cryptocurrency exchange Coincheck, crypto asset advisory firms, AI startups and securities firms.
As Tsukada explains:
“Monex Group provides several 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. We were founded in December 2017 and since last year we have mainly focused on Web3 support services, supporting the development of various services and the Japanese market.”
Web3 Consulting Business from Monex Group: leveraging internal expertise
Recognizing the growing demand for Web3 expertise in Japan, Monex Group has established a Web3 consulting company. As Tsukada explained:
“In the Web3 consulting industry, we support companies entering Web3 by leveraging the knowledge built up by Monex Group. We provide a wide range of support, from building and operating NFT communities 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 sale
- Community building/operations
- Metaverse development/collaboration
- IEO support/Tokenomics design
Tsukada notes that Monex’s strengths in this area include “the reliability of working with a listed company,” the ability to “collaborate within the group” on various business developments, and “real-time feedback and insights from our community and metaverse services, used to build and market Web3 communities.”
The OASIS Project: Monex’s Innovative NFT Community
An important part of Monex’s Web3 expertise comes from the internal OASIS project. 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 the ground up as part of a publicly traded corporate group in Japan’s highly regulated Web3 market. It is an innovative and challenging initiative, with NFTs being issued and sold without any previous examples.”
A unique aspect of OASIS is the ‘cross-use of different metaverses’. Asami said:
“We develop cities in Web3 metaverses such as 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 the largest in Japan.” Asami notes that the community “enables easy collaboration with many companies and projects” by discussing a “rich variety of topics” 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 using to support other organizations entering the Japanese Web3 market.
As Tsukada explains:
“Through the OASIS project, we have gained extensive knowledge about community management and handling NFTs. We’ve learned that many companies struggle to build a Web3 community through interactions with external organizations and foreign projects. That’s why we thought we could support companies entering the Web3 space through consultancy.”
Monex’s strengths in this area include ‘the reliability of being connected to a publicly traded company’, the 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 bring them to market.”
The company has already “begun jointly building Web3 services with major domestic automotive companies” and “worked with local governments on regional contributions through Web3.”
Looking ahead: Monex Group’s presence at upcoming Web3 events
Monex Group actively demonstrates its Web3 expertise and services at major industry events. The company hosted a side event called “Japan Crypto Fusion” at TOKEN2049 in Dubai, which drew a strong attendance despite a schedule change due to record-breaking rainfall.
In addition, Monex Group plans to have a major presence at the upcoming technology festival “NexTeck Week2024” in Tokyo in November, where the company is looking for partners to exhibit with them.
As Japan’s Web3 market continues to evolve, Monex Group’s diverse financial services and innovative approach to community building and consulting make Monex Group a key player in the country’s fast-growing ecosystem. If you have even a slight interest in expanding into the Japanese market, it would be wise to make an inquiry.
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