The Japanese Digital Ministry Announces the Formation of Its Own DAO
The newly formed Digital Agency of Japan said that it would form its own decentralized autonomous organization (DAO) in order to better understand its apps before granting them legal status.
The Web 3.0 Initiative Is in Charge of the Project
The country’s blockchain nation, led by crypto-friendly Prime Minister Fumio Kishida, continues to advocate for the incorporation of Web3 technology and places a strong emphasis on cooperating with decentralized autonomous organizations.
Last year, the Japanese government formed the Digital Agency to improve technology integration into Japanese society. It established the Web3.0 Study Group as part of its attempts to better understand how to apply blockchain-based technology.
The Web3.0 Study Group voted to build a DAO during its fifth meeting on November 2. Due to the lack of centralized authority in blockchain networks, users will frequently form a DAO in order to make choices on behalf of the protocol.
The Japan DAO’s Mission and Objectives
The study group announced its reason for building the DAO as well as its ambitions in its announcement. The overall goal of the study group is to have a better understanding of the implementation of blockchain technology.
In this aspect, developing a DAO can assist the research group in understanding its capabilities, limits, and overall user experience.
The study group stated that it will share its findings and produce a template based on its expertise with use cases.
The research group will devise a governance token and select its distribution strategy as part of its function within the DAO. Other duties with a crypto focus include creating a digital wallet and managing gas fees, which are the costs associated with crypto transactions. The research committee will also choose voting procedures and the structure of the DAO in addition to these duties.
The research group itself, along with the associated individuals within the Digital Agency, will make up the DAO’s initial core membership.
On the other hand, it was said that the Web3.0 Study Group’s approved members will progressively be allowed to join. The project, it was concluded, would continue for as long as the research group did, although it might last longer if it were suggested.
Crypto Reorientation in Japan
The Web3 Study Group was founded by the Japanese government earlier this year as part of its shift toward cryptocurrencies. Since taking office last year, Japan’s new prime minister Fumio Kishida has been the driving force behind this updated strategy.
He gave priority to the adoption of web3 in Japanese business and society in his speech before the national assembly in September.
Following an unsuccessful attempt four years ago, Binance decided to try again due to the country’s more welcoming attitude toward cryptocurrency.
Additionally, the nation has changed a number of laws to regulate cryptocurrencies. For example, it might alter its remittance regulations so that they cover cryptocurrency exchanges, which would then be required to reveal information about their clients and transactions.
The nation’s cryptocurrency exchange authority is also getting ready to modify several laws, which might lead to additional cryptocurrencies being offered on domestic exchanges.
