This article will analyze the latest developments in Japan's Web3 landscape in 2024 from three perspectives: "Society and Politics," "Businesses," and "Individual Users."
Author: Pacific Meta
Introduction
Currently, Japan is attempting to create a new chapter on the Web3 stage. As a country at the forefront of cryptocurrency asset regulation, Japan's efforts are not limited to improving laws and regulations but also serve as a bridge connecting new technologies with society, attracting widespread attention both domestically and internationally. This trend is accelerating further, and the environment surrounding Web3 in Japan is rapidly developing.
In the context of global exploration of Web3 possibilities, what direction is Japan heading towards? What specific regulations are being formulated? What challenges are businesses facing? And what demands do individual users and investors have? To answer these questions, this article will analyze the "Latest Developments in Japan's Web3 in 2024" from the perspectives of "Society and Politics," "Businesses," and "Individual Users."
This article is written by the Web3 accelerator Pacific Meta. Pacific Meta is a professional company that promotes Web3 innovation by providing services such as fundraising, marketing, and business development support. For more details, please visit the official website below.
1. Trends in Society and Politics
1-1. Shigeru Ishiba's New Government
Image Source: Nikkei
In September 2024, Shigeru Ishiba was elected as the new president in the Liberal Democratic Party (LDP) presidential election. Due to Japan's system, the leader of the ruling party generally serves as the Prime Minister. Therefore, Mr. Ishiba, as the president of the current ruling party, the LDP, will become Japan's new leader, responsible for forming a new government. Under the previous Kishida administration, Japan has been committed to promoting the development of Web3, and there are expectations that this trend will further accelerate under Ishiba's administration.
Image Source: Web3 Minister as a Highlight of Cabinet Reshuffle, Interview with Member of Parliament Masaki Hirakawa
Particularly noteworthy is the presence of Member of Parliament Masaki Hirakawa, the head of the LDP's Web3 project team (Web3PT). As a key figure in promoting the development of Web3 during the Kishida administration, he has been appointed as the Minister of Digital Affairs in the new administration. His appointment to this important position is expected to further enhance his influence and voice in policy decision-making.
In Japan, Web3 technology is seen as a key driver for new economic growth, and there has been ongoing anticipation for the improvement of related regulations and legal systems. With the establishment of Ishiba's administration, the push for policy advancement is expected to strengthen further, particularly in clarifying laws in the Web3 field and enhancing international competitiveness.
1-2. Changes in Regulation and Taxation
Corporate Entities: "End-of-Period Market Value Assessment Tax" No Longer Applicable
As part of the significant tax reform for the 2024 fiscal year, cryptocurrency assets held by corporations will be excluded from the "end-of-period market value assessment tax." Previously, domestic corporations faced the tax risk of unrealized gains simply for holding cryptocurrency assets, leading many companies to establish overseas entities to conduct business. This policy adjustment creates an environment for domestic companies in Japan to focus on business activities without worrying about unrealized gain tax burdens.
Japan's improvement in cryptocurrency asset regulation began with the revision of the "Fund Settlement Act" in 2017. Through this law, cryptocurrencies like Bitcoin were recognized as payment methods and positioned as digital assets distinct from fiat currency. Subsequently, in 2020, ICOs (Initial Coin Offerings) and STOs (Security Token Offerings) were incorporated into the regulatory framework of the "Financial Instruments and Exchange Act," establishing a foundation aimed at protecting investors. Additionally, in 2023, Japan introduced regulations concerning stablecoins (cryptocurrencies pegged to fiat currency), steadily advancing the legal framework in the Web3 field.
However, there has been little significant progress in taxation over the years. In particular, the taxation system for corporate holdings of cryptocurrency assets has long been viewed as a key issue affecting the development of Japan's Web3 industry. Under the current system, unrealized gains on cryptocurrency assets held by corporations are taxed at the end of the year, known as the "end-of-period market value assessment tax." This system disregards the risks of price fluctuations in cryptocurrency assets, imposing a financial burden on many companies. Consequently, many businesses wishing to operate in Japan have chosen to avoid holding cryptocurrency assets domestically and instead establish overseas entities to conduct their operations.
This tax reform is expected to promote an increase in token issuance and fundraising within Japan. Especially for startups and new companies considering entering the market, Japan will become a more attractive market.
Tax Issues for Individual Investors and Future Outlook
On the other hand, there are still many issues regarding the tax system for individual investors. Currently, income from individual cryptocurrency trading is classified as "miscellaneous income" and taxed under a comprehensive tax system, with a maximum tax rate of up to 55%. The heavy tax burden and complex reporting procedures pose significant obstacles for many individual investors.
As the head of the LDP's Web3 project team, Member Hirakawa pointed out the adverse effects of the current tax system on individual investors at the "WebX2024" conference in August 2024. He emphasized that the tax system for individual investors' cryptocurrency gains should be changed to a separate declaration tax similar to financial income at a rate of 20%. If this reform is realized, it will not only alleviate the burden on individual investors but also help invigorate the domestic market.
https://x.com/TAIRAMASAAKI/status/1830950932332584995
As discussions on tax reform progress, the movements of the government and the Financial Services Agency (FSA) are closely watched. According to various reports, relevant discussions are steadily underway. If the reform of the tax system for individual investors is ultimately implemented, it is expected to expand the domestic retail investor base and drive overall growth in the cryptocurrency asset market.
Shift in Regulatory Attitude of the Financial Services Agency
Image Source: ShutterStock
Previously, the FSA implemented strict regulations on cryptocurrency assets under the guise of investor protection. However, in 2024, its regulatory attitude has changed. The FSA is studying the inclusion of cryptocurrency assets under the "Financial Instruments and Exchange Act." This shift indicates that cryptocurrency assets may be redefined as "financial products" under the law. If this classification is achieved, it could lead to the following significant changes:
Accelerated Tax Reform
Viewing cryptocurrency assets as financial products may promote further improvements in the tax system, thereby alleviating the tax burden faced by individual investors and businesses.
Discussion on the Introduction of Bitcoin ETFs
The reclassification would pave the way for financial products involving cryptocurrency assets, making the launch of Bitcoin ETFs more realistic. This would facilitate the integration of traditional financial markets with the cryptocurrency asset market, attracting more individual and institutional investors to participate.
Additionally, the FSA is also studying the relaxation of regulations on the use of in-game tokens, aiming to provide a more favorable environment for gaming companies to flexibly utilize tokens. These policy changes may drive the growth of cryptocurrency-related businesses and help Japan's Web3 industry gain a greater advantage in international competition.
1-3. Expansion of Business Opportunities Brought by New Legal Systems
Allowing the Establishment of Limited Liability Company DAOs
On April 22, 2024, Japan officially allowed the establishment of DAOs (Decentralized Autonomous Organizations) in the form of limited liability companies (LLCs). This legal amendment grants DAOs formal corporate status in Japan, enabling them to operate as contractual entities and own assets such as real estate. This proposal originated from the LDP's "Web3 White Paper 2023" released in 2023 and was realized at an astonishing speed, attracting widespread attention from the domestic and international blockchain industry.
During the establishment of limited liability company DAOs, several legal challenges were faced, with the two most important issues being the "treatment of employee rights tokens" and the "obligation to disclose employee information." Regarding the "treatment of employee rights tokens," this system amendment recognizes a portion of the tokens issued by DAOs as "non-profit distribution tokens" or "tokens held by executing employees," treating them as second-class securities under the Financial Instruments and Exchange Act. Concerning the "obligation to disclose employee information," the new system allows DAOs not to disclose employee information.
The establishment of limited liability company DAOs opens up a wide range of application scenarios, including local revitalization projects and community-led projects in the sports and entertainment sectors.
Legal Amendment Allowing LPS to Invest in Cryptocurrency Assets Approved by Cabinet
In February 2024, Japan's Ministry of Economy, Trade and Industry passed a legal amendment allowing Limited Partnerships (LPS) to hold cryptocurrency assets. This amendment enables LPS, which traditionally invested mainly in stocks, bonds, and other conventional financial products, to invest in and hold cryptocurrency assets.
Previously, LPS in Japan were unable to invest in cryptocurrency assets, leading domestic Web3 projects to rely on overseas venture capital (VC) for funding. This legal amendment is expected to diversify funding sources and invigorate the domestic market.
The amendment is currently under review in the National Diet, and if passed smoothly, it is anticipated that domestic venture capital will officially begin investing in tokens starting in 2025.
1-4. Local Governments' Practices in Web3 Applications: Initiatives in Tokyo and Osaka
In Japan, the use of Web3 technology to promote local revitalization is being actively explored. Many cities have launched unique initiatives at the local level, and here is a brief introduction to some practices in Tokyo and Osaka as of 2024.
Tokyo - A Continuous Emergence of Precedents
Image Source: FC Tokyo Official Website
Tokyo is advancing local regional revitalization using Web3 technology.
In the "Hometown Tax Return Gift NFT Project" in collaboration with FC Tokyo, limited edition NFT digital art is offered as a hometown tax return gift, innovating a new form of donation. Sports fans and local residents can enjoy NFTs while supporting Mitaka City.
On another front, the "Aoshima DAO Project" aims to DAO-ify Aoshima Island in Tokyo, emphasizing residents' opinions and participation, with the goal of operating local affairs in a community-driven manner and exploring the future of resource utilization and sustainable development.
Additionally, in Okutama City, a token-based crowdfunding method has been adopted to protect tourism resources. By issuing tokens to raise funds for the opening of traditional farmhouse restaurants and hotels, individuals interested in local revitalization can participate through financial support.
These practical cases clearly demonstrate that Web3 brings new value to local communities.
Osaka - Expo 2025 Boosting Digital Society Development
Osaka Prefecture, which will host the World Expo in 2025, is promoting innovative applications of Web3 technology centered around the "EXPO 2025 Digital Wallet." This digital wallet can be used for cashless payments, NFT acquisition, and point rewards, aiming to provide diverse experiences at the expo venues and related facilities, achieving a cashless Osaka Expo.
Image Source: EXPO2025
Based on this platform, a digital stamp NFT activity centered around dining establishments near the expo venues was launched in April 2024. Users can collect digital stamps from the dining establishments they have visited, enjoying the fun of stamp collection.
Furthermore, Osaka's museum institutions plan to launch an NFT-based digital stamp collection activity starting in November 2024 in anticipation of the expo, enhancing the museum visit experience through digital technology.
At the same time, Habikino City in Osaka Prefecture will be the first in the Kinki region to launch the sale of "Digital Resident Ticket NFTs" in October 2024. Buyers can enjoy free services and discounts at barbecue restaurants or experience facilities within the city.
Through the opportunity presented by the expo, Osaka Prefecture is actively utilizing Web3 technology, striving for further development of local revitalization and the digital society.
2. Corporate Dynamics
2-1. Financial Industry Dynamics
Sony Bank: Launching Multiple Web3 Technology Initiatives
In 2024, Sony Bank announced a series of initiatives based on Web3 technology, clarifying its policy to promote the integration of finance and entertainment. In April, Sony Bank initiated the development of digital securities based on entertainment IP (intellectual property). Through this plan, content such as music, movies, and games can be issued as digital securities, providing users with new financial product options. Additionally, Sony Bank began a pilot project for issuing stablecoins based on fiat currency and developing blockchain wallet technology, aiming to expand the application scenarios of the Web3 economic circle.
In July of the same year, Sony Bank launched the "Sony Bank CONNECT" application for Web3 entertainment. This application is linked to the NFT marketplace "SNFT" operated by the Sony Group, allowing users to view and manage their NFT collections. The app offers a feature to display NFTs on the home screen and supports showcasing NFTs in a 3D gallery called "Rooms," further enhancing the entertainment experience.
Image Source: New Web3 Entertainment App to be Released in Summer 2024, Named Sony Bank CONNECT
These initiatives fully leverage Sony Group's advantages in the entertainment field while exploring the potential of Web3. Through Web3 technology, Sony Bank is committed to transcending traditional financial services, creating an integrated "Finance x Entertainment" composite industry for individual users, showcasing new services and value visions.
2-2. Dynamics in the Gaming Industry
Sony: Officially Entering Web3, Attracting Domestic and International Attention
https://x.com/soneium/status/1826832581897126367
A major focus in Japan's Web3 industry is the launch of the Layer 2 blockchain "Soneium" by the company "Sony Block Solutions Labs," a joint venture between Sony Group and Startale. Established in September 2023, the company combines the technological strengths of Sony and Startale to develop a public blockchain aimed at providing a convenient platform that integrates Web2 and Web3, promoting mass adoption of blockchain technology.
Soneium not only focuses on providing Web3 solutions but also strengthens the linkage with Sony's existing businesses and supports creators, aiming to build a mechanism centered on rights protection and benefit sharing. This release has spurred active development of related projects. In August 2024, YGG Japan announced the launch of a game-specific Layer 3 chain "YAIBA" connected to Soneium to support the necessary environment for Web3 game development.
Square Enix: Partnership with SuiPlay
https://x.com/_smkotaro/status/1830793420690043327
At the Korea Blockchain Week held in September 2024, Sui development company Mysten Labs announced a surprise partnership with Japanese major game developer Square Enix for its portable Web3 gaming platform "SuiPlay." SuiPlay utilizes simple and highly scalable blockchain technology, providing a platform that easily integrates traditional game development with Web3. Although the specific details of the collaboration have not been disclosed, this initiative highlights the potential of Web3 in the traditional gaming market, attracting attention from the entire industry.
double jump.tokyo: New Title in the "Romance of the Three Kingdoms" Series Developed Using SEGA IP
double jump.tokyo announced at the Tokyo Game Show 2024 that a new blockchain game titled "Koi Romance of the Three Kingdoms - Battle of Three Kingdoms" is officially in development, based on SEGA's popular game "Romance of the Three Kingdoms." This game will leverage NFT technology to provide players with a new gaming experience.
2-3. Dynamics in the Real Estate Industry
NOT A HOTEL: Raising 5.5 Billion Yen to Expand Business Scope
Image Source: X (https://x.com/notahotel_inc/status/1859507038524424341)
In the real estate industry, the innovative company "NOT A HOTEL," which utilizes NFTs, has attracted widespread attention. The company focuses on a shared villa business model, allowing users to purchase an entire villa or share it for 10 or 30 days a year.
In 2024, NOT A HOTEL successfully raised approximately 5.5 billion yen and plans to expand new bases both domestically and internationally, particularly in tourist destinations and resort areas, attracting foreign investors and tourists.
Additionally, in October of the same year, the company launched its own token "NAC" through an IEO. NAC holders can use the token for accommodation bookings and rentals, earning accommodation rights as rewards through the token. Furthermore, by participating in the "NOT A HOTEL DAO," users can also take part in decision-making regarding location selection and operational policies. NAC is seen as a crucial cornerstone supporting a user-participatory ecosystem.
2-4. Dynamics in the Transportation Industry
Toyota Blockchain Lab: Exploring Tokenization of Vehicle Usage Rights through "Smart Accounts"
In 2024, the Toyota Blockchain Lab (TBL) announced a concept to tokenize rights related to vehicles and manage them through "smart accounts," linking various automotive services.
This smart account differs from traditional accounts as it employs Ethereum's ERC-4337 "Mobile Oriented Account (MOA)." MOA abstracts the account, separating the authentication process from key management, allowing the account to remain unchanged even if the user accidentally loses their private key, thus providing a more secure and flexible account management method.
Users can perform operations such as unlocking through a smartphone application. This way, users can freely assign permissions for different operations. For example, full operational permissions can be granted, or permissions can be set to only unlock and lock the trunk, with an expiration date attached. Additionally, this digital management of vehicle usage rights is expected to promote services such as car sharing.
In April 2023, Toyota released the "Toyota Mobility Concept." The final stage of this concept—"Mobility 3.0"—aims to integrate mobility with social systems. The smart account concept is also considered part of this plan, with public blockchain potentially becoming an important option for realizing Toyota's mobility concept.
KINTO: Issuing NFT Certifications to Safe Drivers
KINTO, in collaboration with Toyota, has begun a pilot test. The pilot test primarily involves analyzing driving data collected from vehicles to identify safe drivers, and non-transferable NFTs, known as "Soulbound Tokens (SBT)," will be issued to those certified as safe drivers. This is the first attempt in the transportation industry to utilize blockchain technology to permanently record safe driving certifications. In the future, there are plans to build a more economical mechanism for related transportation services based on these certifications. This initiative is expected to promote safe driving and advance the development of a transportation society.
2-5. Dynamics in the Power Industry
Tokyo Electric Power Grid: Launching a Mobile Game Application for Power Infrastructure Photography
Image Source: PicTrée X Official Account (https://x.com/pictree_dea/status/1764538716415279119)
Tokyo Electric Power Grid, in collaboration with Greenway Grid Global and Digital Entertainment Asset, has launched a game application trial called "PicTrée." Through this application, users can take photos of utility poles and power infrastructure and engage in battles. This not only provides entertainment for users but also aims to enhance regional infrastructure maintenance and early detection of equipment anomalies through the game, creating value for society.
2-6. Dynamics in the Environmental Industry
Klima DAO Japan: Launching Carbon Credit Trading for ReFi Projects in Japan
Image Source: Klima DAO's Japanese Corporation "Klima DAO Japan" Established: Transforming Climate Change Measures with Web3 and Blockchain
In 2024, Klima DAO established its Japanese corporation "Klima DAO Japan" and is committed to developing a market platform for public carbon credits "J-Credit" tokenization. In April, a platform suitable for participation by Japanese citizens and companies was launched, creating new opportunities for greenhouse gas reduction.
On November 19, the company launched a trial for the "Klima DAO JAPAN MARKET," utilizing the Polygon blockchain to tokenize J-Credits, enhancing liquidity and transparency in trading. Several companies, including Mizuho Financial Group and Optage, participated in this trial, which is expected to open to the public in spring 2025. These initiatives aim to address issues in Japan's carbon credit market and contribute to climate change mitigation, garnering widespread attention.
2-7. Dynamics in the Telecommunications Industry
NTT Docomo: Launching a Web3-Compatible Wallet
Image Source: Launching the Digital Wallet "scramberry WALLET" for Everyone
NTT Docomo, through its Web3 promotion subsidiary "NTT Digital" established in 2022, has launched the Web3-compatible wallet "scramberry WALLET." Users can easily register using their phone numbers, with wallet data stored in the cloud and backup features for easy recovery. Additionally, its security features include filtering a small number of cryptocurrency assets and NFTs, significantly enhancing security.
KDDI: Collaboration with Animoca Brands
Image Source: KDDI and Animoca Brands Japan Begin Business Collaboration in the Web3 Field
KDDI has partnered with Animoca Brands Japan to sell NFTs of the blockchain game "PHANTOM GALAXIES" on KDDI's NFT marketplace platform "αU market" starting in March 2024. This collaboration strengthens the connection between the telecommunications industry and Web3, creating a new business model utilizing NFTs.
2-8. Dynamics in the Food Industry
Suntory: Combining NFTs with Beer
Image Source: Suntory Launches Beer with NFTs—Utilizing Avalanche Blockchain
Suntory has launched a limited edition beer "THE PREMIUM MALT'S Masters Dream〈Yamazaki Cask Aged〉2024" using Avalanche technology, which comes with an NFT. This limited edition beer is aged in casks that previously held whiskey from the Yamazaki distillery, and the bottles are equipped with NFC (Near Field Communication) tags. When consumers open the bottle, the NFC senses and generates a unique digital collectible NFT as proof of purchase. This initiative aims to enhance customer loyalty and add greater value to the experience of purchasing limited products.
Calbee: Featuring "Potato Chip Brothers" and "Kappa Ebisen" in Popular Web3 Games!
Calbee has announced its first collaboration with Web3 games as a domestic food manufacturer. NFTs themed around the company's popular products "JagaRico" and "Kappa Ebisen" will be gradually released in three Web3 games: "CryptoSpells," "JobTribes," and "HEAL-Ⅲ." This approach introduces a new form of fan interaction that merges the virtual and real worlds. Additionally, leveraging interoperability between games, activities to enhance interaction and collaboration will be held under the "WEB3 GAME FES."
2-9. Dynamics in the Watch and Apparel Industry
Casio: Launching "VIRTUAL G-SHOCK" and Collaborating with "STEPN GO"
Image Source: X (https://x.com/CASIOJapan/status/1826514893668831469)
Casio is actively promoting its "VIRTUAL G-SHOCK" project aimed at Web3 users through virtual space communication. This project collaborates with the Web3 lifestyle application "STEPN GO," strengthening connections with younger users centered around Generation Z. This initiative showcases the potential of Web3 in the watch and apparel industry and serves as a model for brand strategy in the digital age.
3. Dynamics of Individual Users and Investors
3-1. Trends in Domestic Exchange Account Openings
According to on-chain data estimates, the number of accounts opened at domestic cryptocurrency exchanges in Japan continued to grow in 2024.
Image: Dune (https://dune.com/gussan_0214/japanesecentrlizedexchangesuserfeature)
The Dune Analytics dashboard tracks the unique wallet addresses receiving funds from major exchanges (Coincheck, bitbank, bitFlyer). On-chain data shows that in January 2024, these three exchanges collectively had 356,917 unique wallets, which grew to 408,039 by November 2024.
Based on this data, if the unique wallet addresses are considered to represent 20% of the total accounts, and assuming these three exchanges hold a 60% market share, it can be estimated that the total number of domestic exchange accounts in November 2024 is approximately 3.4 million.
Similarly, if we calculate the total number of accounts in January 2024, it was about 2.97 million. Therefore, the number of new accounts in 2024 is expected to reach 426,000. Although there are still two months left in 2024, the growth rate is consistent with previous years, indicating that the number of accounts at domestic exchanges is steadily increasing. It is expected that the number of individual investors holding cryptocurrency assets will continue to grow in the future.
3-2. Notable Web3 Projects in Japan for 2024
SNPIT
Image Source: Start for Free and Earn Just by Taking Photos! What Makes the Family-Friendly Blockchain Game "SNPIT" So Attractive?
In 2024, the unique GameFi model "SNPIT," themed around photography, has garnered widespread attention. Players hold camera NFTs within the application, take photos with their smartphones, and earn token rewards through voting. This mechanism cleverly combines social network (SNS) elements, successfully promoting community interaction. Additionally, by providing shooting props through NFTs, it attracts both creators and collectors, forming a highly praised economic model. "SNPIT" represents a new possibility as a "mobile application × Web3 game."
CoinMusume (幣娘)
"CoinMusume" is a blockchain game that personifies cryptocurrencies as idol characters, set to be released in December 2024. Players can engage in non-real-time battles using characters, predicting cryptocurrency trends based on the points earned, and receiving tokens based on the results. Prior to the game's release, the project actively conducted marketing activities, collaborating with gaming guild company "IGG," the virtual world platform "Yay!," and the yen-pegged stablecoin provider "JPYC," attracting widespread attention.
Briliantcryto
Image Source: Briliantcryto Official
In 2024, the GameFi project "Briliantcrypto," themed around mining gems and pyroxenes, has garnered significant attention in Japan. Players earn BRIL tokens through mining and can use these tokens to purchase NFT items such as pickaxes or gems to enhance in-game efficiency and enjoy the fun of upgrades. The project conducted an IEO on the major Japanese cryptocurrency exchange Coincheck, sparking discussions among individual investors and becoming a hot topic among GameFi enthusiasts. "Briliantcrypto" is one of the representative works in Japan's GameFi sector for 2024.
Yay!
Image Source: Yay! Web3 Function Overview and Airdrop Site Launched, Staking to Begin on August 28
The social application "Yay!" accelerated its expansion in the Web3 field in 2024 and has attracted attention. This platform, with over 9 million users, provides a community space for sharing interests. Notably, the "Yay! Staking Event" launched in August marked an important step in strengthening the Web3 ecosystem. Users can stake Ethereum to earn the in-game NFT "Yay! Pal" and obtain the utility token "EMPL." This mechanism has attracted Web2 users, boosting expectations for mass adoption. Additionally, decision-making through the governance token "YAY" and collaboration with the liquid staking protocol "StakeStone" has provided diverse rewards, making the new token economic model a hot topic.
FiNANCiE
FiNANCiE is a platform that allows anyone to issue unique tokens or collectible cards. In January, well-known Japanese influencer Ikehaya issued his character IP token on the FiNANCiE platform, attracting many domestic influencers to issue their own corporate or community tokens. Particularly noteworthy in 2024 is that influencers from the business sector, such as Takafumi Horie and entrepreneurs participating in the YouTube program "Reiwa no Tora," have issued their tokens on FiNANCiE, becoming a major highlight.
3-3. Main Media Used by Individual Users to Obtain Information
In 2024, the main media through which individual users in Japan obtain information related to cryptocurrency assets have the following characteristics: the real-time platform X (formerly Twitter) has become the primary source for many users to access news and market dynamics. While YouTube remains a popular medium, the decrease in cryptocurrency-related channels has led to a decline in both the volume and quality of information compared to previous years.
Additionally, investment enthusiasts are increasingly using Discord and Telegram, which have become venues for discussing in-depth topics and exchanging professional information.
In terms of professional media, CoinPost, CoinDesk Japan, and Cointelegraph Japan are widely popular for providing high-credibility information on industry dynamics, technical interpretations, and regulatory matters. These media outlets have become major sources of information for everyone from beginners to advanced investors, serving as important resources in the cryptocurrency market.
3-4. Notable Cryptocurrency Influencers in Japan
X has 53,000 followers. He serves as the Chief Marketing Officer (CMO) of the well-known Japanese crypto community "boarding bridge." He is also the CMO (Chief Memecoin Officer) of the renowned media outlet CRYPTO TIMES, possessing top-level expertise in the field of MEME coin information.
X has 20,000 followers. She shares interesting stories about Web3 games through X and YouTube. She also founded a company supporting Web3 game marketing—GAMIES Inc.
X has 88,000 followers. He shares a wide range of information related to cryptocurrency, from games to DeFi. He is a co-founder of the well-known Japanese crypto community "OtakuLabs."
X has 20,000 followers. He operates a web media outlet AirdropList that provides curated information on the latest cryptocurrency (crypto asset) airdrops. He researches global DeFi projects daily and provides detailed interpretations in an easy-to-understand manner for beginners.
X has 30,000 followers. Through X and its operated media (https://www.bankeradao.com/), it publishes curated information on cryptocurrency airdrops and the latest news.
X has over 300,000 followers. He is the founder of ISC, Japan's largest Web3 influencer community. He previously served as a producer for Web2 mobile games at a major Japanese company, achieving the third highest sales ranking in Japan. His application of Web2 expertise to Web3 marketing has garnered significant attention.
Summary: Challenges and Potential Coexist in Japan's Web3 Industry
Looking back at Japan's Web3 industry in 2024, there are both highlights in development and numerous challenges exposed. While the improvement of the regulatory framework and the emergence of new projects are exciting, the high entry barriers for individual investors and the lack of globally recognized Web3 projects remain pressing issues that need to be addressed.
In particular, the lack of vitality in the cryptocurrency market is a significant problem, with the stringent tax system considered a core factor suppressing market growth. Compared to South Korea, where tax incentives stimulate retail market activity, Japan's lag in tax reform has resulted in the loss of significant opportunities. Tax reform is a key area for enhancing global competitiveness and requires prompt action.
Moreover, companies' understanding of the commercialization of blockchain applications has not yet deepened. Although this field is seen as full of innovative potential, many companies still struggle to figure out how to translate it into commercial value. This has led to a cautious attitude among some companies regarding whether to enter the Web3 space.
Insufficient technological competitiveness is also a major challenge. Japan still lacks internationally influential Web3 projects on a global scale. To secure a place in the international market, the industry needs to work together to promote the cultivation and support of developers.
Despite these challenges, the author believes that Japan is full of possibilities. With the improvement of the regulatory framework, steady progress in local revitalization projects and corporate challenges, the 2025 Osaka Expo will be an excellent opportunity to showcase these achievements to the world and a good time for the overall expansion of Japan's Web3 market.
Pacific Meta will serve as a bridge connecting the Japanese market with overseas Web3 companies, providing support. We will leverage our expertise to offer one-stop services ranging from fundraising, consulting, business development to marketing. If you are considering expanding into the Japanese market, please feel free to contact us.
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