The recently established Digital Agency of Japan declared that before giving its apps legal status, it would create its own decentralized autonomous organization (DAO).
The Project is Under the Management of the Web 3.0 Initiative
The nation’s blockchain movement is led by Prime Minister Fumio Kishida, a supporter of cryptocurrencies, and it continues to push for the adoption of Web3 technology while placing a priority on working with decentralized autonomous organizations.
The creation of the Digital Agency by the Japanese government last year was done to better integrate technology into Japanese culture. It started the Web3.0 Study Group in an effort to comprehend how to use blockchain-based technology better.
On November 2, the Web3.0 Study Group’s sixth meeting, the group decided to create a DAO. Blockchain networks lack centralized authority, thus users commonly create a DAO to make decisions on behalf of the protocol.
Goals and Mission of the Japan DAO
In its release, the study group stated both its goals and the rationale behind creating the DAO. The study group’s overarching objective is to gain a deeper understanding of how blockchain technology is being used.
The research team can better grasp a DAO’s capabilities, constraints, and overall user experience by constructing one.
According to the study group, it will disseminate its results and create a template using its experience with use cases.
As part of its role in the DAO, the research team will create a governance token and decide on its distribution method. Other tasks with a cryptocurrency focus include setting up a digital wallet and controlling gas expenses, or the fees related to cryptocurrency transactions. In addition to these responsibilities, the research committee will also select the DAO’s organizational structure and voting rules.
The initial core membership of the DAO will consist of the research group itself and the affiliated people inside the Digital Agency.
On the other hand, it was said that approved members of the Web3.0 Study Group will gradually be able to join. It was decided that the project would go on for as long as the research team did, albeit it might go on for longer if it were requested.
Japanese Crypto Reorientation
The Japanese government established the Web3 Study Group earlier this year as a part of its transition to cryptocurrency. This revamped policy has been driven by Fumio Kishida, the country’s new prime leader, who took office last year.
In his speech to the national legislature in September, he prioritised the adoption of web3 in Japanese industry and society.
Due to the country’s improved stance toward cryptocurrencies, Binance chose to make another attempt after a failed attempt four years prior.
The country has also amended a number of regulations to control cryptocurrencies. For instance, it might expand its remittance rules to include cryptocurrency exchanges, in which case those companies would have to provide information about their customers and transactions.
The country’s cryptocurrency exchange regulator is also preparing to reform a number of rules, which could result in the availability of more cryptocurrencies on domestic markets.
