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

Japan is emerging as a global leader in Web3 adoption, and Monex Group is at the forefront of this transformation. With the government’s robust policies to encourage Web3 development and the support of major corporations, Japan is carving out a significant place in the crypto ecosystem.

Monex Group, a well-established financial holding company, is playing a key role in guiding businesses into the burgeoning Web3 space. By leveraging its vast expertise and innovation, Monex is shaping the future of Web3 in Japan.

A Supportive Regulatory Environment

Japan’s Web3 transformation began with its proactive approach to cryptocurrency regulations. Since 2017, Japan has required cryptocurrency exchange operators to register, ensuring a safe environment for users. These regulations mandate the protection of user data, regulated advertising practices, and the secure management of assets, allowing users to trust the services they engage with. As Tsukada, a representative from Monex Group, explains, “Japan’s government actively promotes Web3 as a national policy, creating a favorable environment for conducting Web3 businesses.”

In recent years, the government has further enhanced this landscape by introducing policies to make the environment even more favorable for Web3 businesses. Tax reforms for handling digital assets, accounting guidelines, and legal frameworks for decentralized autonomous organizations (DAOs) are some of the significant steps that have been taken. Additionally, Japan encourages local governments to embrace Web3 technology, adopt the metaverse, and support Web3 events that draw international attention.

Monex Group’s Role in Web3 Consulting and Innovation

Monex Group, which has over two decades of financial expertise, has been a key player in the Web3 revolution. In particular, Monex has expanded its reach by establishing a consulting division to help businesses enter the Web3 market. As Tsukada outlines, “Monex Group provides various services related to crypto assets and blockchain,” including Web3 business research, NFT planning, and metaverse development.

This consulting arm offers a range of services that help companies navigate the complexities of Web3, from planning and issuing NFTs to managing tokenomics and building communities. Monex has already supported major automotive companies and local governments in Japan in launching their NFT projects, strengthening its position as a leader in the Web3 space.
One of the company’s strengths lies in its collaboration across its many subsidiaries, which include centralized exchanges (Coincheck), crypto asset consulting firms, and AI startups. The ability to work across different sectors gives Monex a unique edge, allowing it to offer comprehensive Web3 solutions.

Monex also focuses on supporting overseas Web3 projects that want to enter the Japanese market. This is critical, as the Japanese market can be difficult to navigate due to its unique regulatory environment and cultural nuances. However, Monex’s expertise in these areas enables foreign companies to thrive in Japan’s Web3 ecosystem.

The OASIS Project: A Key Initiative

A standout in Monex’s Web3 portfolio is its OASIS project, which was launched in January 2023. OASIS is a digital community designed to create new opportunities and foster innovation in Japan’s highly regulated Web3 market. The project focuses on building communities in metaverse environments such as The Sandbox, Decentraland, and Japan’s largest metaverse platform, Cluster.

This multi-metaverse approach has made OASIS one of the largest digital communities in Japan, boasting nearly 30,000 members. According to Asami, another representative of Monex, “OASIS is an innovative and challenging initiative, issuing and selling NFTs with almost no prior examples.”

OASIS’s success in community building is a testament to Monex’s capabilities in managing large-scale Web3 projects. The platform allows for collaboration with numerous companies and projects, discussing a wide variety of themes, including artificial intelligence and Japan’s Vtuber culture.

The knowledge gained from OASIS has enabled Monex to provide even more targeted support for businesses entering the Web3 space. As Tsukada explains, “Through the OASIS project, we gained extensive knowledge about community management and handling NFTs. We learned that many companies struggle with Web3 community building, and we thought we could support them through consulting.”

Corporate Giants Join the Web3 Wave

Japan’s favorable regulatory environment has not gone unnoticed by major corporations. Companies like NTT Docomo, Japan’s largest telecommunications firm, and Square Enix, a giant in the gaming industry, have already entered the Web3 arena. NTT Docomo is developing its own Web3 wallet, which is expected to create a more user-friendly environment for consumers.

Meanwhile, Square Enix is utilizing its intellectual properties to develop Web3 games, tapping into the lucrative gaming industry and showcasing the potential for Web3 integration.

This surge of corporate interest signals that Japan’s Web3 ecosystem is maturing. Monex Group’s subsidiary, Coincheck, played a pivotal role in this transformation by conducting a record-breaking Initial Exchange Offering (IEO) for Brilliant Crypto, raising over 33.3 billion yen. This success exemplifies how Monex has harnessed Web2 know-how to advance into Web3, particularly in gaming.

Looking Forward: Monex Group at the Forefront of Web3 Development

Monex Group’s commitment to fostering innovation in the Web3 space is evident in its active participation in major industry events. The company recently organized a side event at TOKEN2049 in Dubai, highlighting its dedication to sharing insights and building partnerships on a global scale.

Monex is also gearing up for a significant presence at the NexTeck Week 2024 technology festival in Tokyo, where it aims to further solidify its position as a leader in the Web3 space.

As Japan’s Web3 market continues to evolve, Monex Group’s diverse services and expertise position it as a central player in the country’s digital transformation. For companies looking to expand into Japan’s Web3 market, Monex Group offers a reliable and comprehensive solution, combining financial strength, technological innovation, and deep market knowledge.