Japan’s Web3 transformation: How Monex Group is powering the nation’s crypto ecosystem

Japan’s Web3 transformation: How Monex Group is powering the nation’s crypto ecosystem

Japan’s government actively promotes Web3 as a national policy. This initiative creates a favorable environment for Web3 businesses. In an exclusive interview with CryptoSlate, Tsukada from Monex Group elaborates on these efforts. He notes that they include tax reforms for handling digital assets, accounting preparations, legal positioning of DAOs, and recommendations for local governments. Furthermore, they support exchanges with overseas talents and organize Web3 events.

Since 2017, Japan has mandated the registration of cryptocurrency exchange operators. This regulation ensures safe management of user information, regulates advertising and solicitation, and creates an environment for maximum user protection and safety.

This regulatory clarity has paved the way for further Web3 innovation. Tsukada emphasizes that, in 2023, “it became possible to issue stablecoins backed by legal tender.” Consequently, various companies, including financial institutions, can now issue stablecoins.

Major Japanese Corporations are Diving into Web3

The favorable regulatory environment encourages large Japanese corporations to enter the Web3 space. For example, Tsukada mentions that “NTT Docomo, the largest telecommunications company, has started developing its own wallet.” This company aims to create a user-friendly Web3 environment and rules. In addition, 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. For instance, Tsukada cites Brilliant Crypto’s success. The company “conducted an IEO on Coincheck, our subsidiary and the largest CEX in Japan,” reaching a record high of 33.3 billion yen. This achievement showcases how leveraging Web2 know-how can lead to success in the Web3 gaming space.

Monex Group: A Diversified Financial Firm Embracing Web3

Monex Group, Inc. is a financial holding company with over 20 years of history. It encompasses subsidiaries such as Coincheck, crypto asset consulting firms, AI startups, and securities companies. Tsukada explains, “Monex Group provides various services related to crypto assets and blockchain.” These services include the ‘MCB Web3 Newsletter,’ ‘MCB Research,’ the NFT project ‘OASIS,’ and the news app ‘Cheeese,’ which rewards users with Bitcoin. Established in December 2017, the company has particularly focused on Web3 support services since last year.

Monex Group’s Web3 Consulting Business: Leveraging In-House Expertise

Recognizing the growing demand for Web3 expertise, Monex Group established a Web3 consulting business. Tsukada elaborated on their efforts: “In the Web3 consulting business, we support companies entering Web3.” The company leverages its accumulated know-how, offering support from NFT community building to tokenomics consultation.

Monex has already supported major automotive companies and Japanese local governments with NFT projects. Currently, it is strengthening support for overseas Web3 projects entering the Japanese market. Their consulting services include:

  • Web3 Business Research and Planning
  • NFT Planning, Issuance, and Sales
  • Community Building/Operation
  • Metaverse Development/Collaboration
  • IEO Support/Tokenomics Design

Tsukada highlights Monex’s strengths: “The reliability of being associated with a listed company” and its ability to collaborate across the group. Moreover, real-time feedback from their community helps build and market Web3 communities effectively.

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.” This initiative aims to create opportunities for transformation and new encounters. It was developed as part of a listed company group in Japan’s highly regulated Web3 market. OASIS is an innovative initiative, issuing and selling NFTs with almost no prior examples.

One unique aspect of OASIS is its cross-utilization of various metaverses. Asami adds, “We are developing cities in Web3 metaverses like The Sandbox and Decentraland.” They 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 nearly 30,000 members, making it one of Japan’s largest communities. Asami notes that this community facilitates collaboration on various themes, such as AI and Japan’s Vtuber culture.

Supporting Companies Entering the Japanese Web3 Market

Monex’s experience with the OASIS project provides valuable insights that the company now leverages to support other organizations. Tsukada states, “Through the OASIS project, we gained extensive knowledge about community management and handling NFTs.” They learned that many companies struggle with Web3 community building. Therefore, they thought they could assist companies entering the Web3 space through consulting.

Monex has already started joint Web3 service construction with major domestic automotive companies. Additionally, they have 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 at major industry events. For instance, the company organized a side event called “Japan Crypto Fusion” at TOKEN2049 in Dubai. This event attracted a strong turnout despite a schedule change due to record-breaking rainfall.

Moreover, Monex Group plans to have a significant presence at the upcoming “NexTeck Week 2024” technology festival in Tokyo this November. They seek 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 any interest in expanding into the Japanese market, it would be wise to submit an inquiry.

For more information, you can contact:

Monex Group Zero Department: mg-monexzero@monex.co.jp
OASIS: https://x.com/Oasis_pj

Disclosure: This is a sponsored post. Readers should conduct further research prior to taking any actions.

The post Japan’s Web3 transformation: How Monex Group is powering the nation’s crypto ecosystem appeared first on CryptoSlate.

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