At the recent international Web3 conference "WebX," hosted by CoinPost Co., Ltd. and organized by the WebX Executive Committee, leading figures from Japan’s government and Web3 sector gathered to discuss the future of policy and innovation. The talk session, themed "Public-Private Co-creation: Policy Form for Promoting Emerging Technologies Such as Web3," featured three prominent women in the field: Itagaki Kazuka, Shimizu Akiho, and Ikeda Yoko.
Government Commitment to Startups
The session opened with Itagaki Kazuka, assistant director of the Ministry of Economy, Trade and Industry, who outlined the Kishida administration’s strong commitment to startup support. She noted that startup policy support, including Web3-specific initiatives, is a top priority. “I have been in contact with all ministries and agencies, except the Imperial Household Agency,” Itagaki shared. She emphasized the administration’s focus on leveraging startups to stimulate domestic economic growth and the importance of aligning major system reforms with contemporary trends.
The Role of the Financial Services Agency
Shimizu Akiho, assistant director of the Financial Services Agency's (FSA) Innovation Promotion Office, provided insights into her role. Since joining the Innovation Promotion Office in September 2022, Shimizu has been actively involved in gathering information and engaging with fintech events rather than performing supervisory duties. She highlighted the importance of the FinTech Support Desk, which has become a central point for inquiries from startups. The desk encourages web3-related businesses to seek guidance and support, reflecting the FSA’s proactive stance in fostering innovation.
Challenges and Opportunities
Ikeda Yoko, director of the Competitive Environment Development Office at the Ministry of Economy, Trade and Industry and former Cabinet Secretariat planning officer, discussed the evolving landscape of Japanese society. She noted that as Japan transitions away from traditional systems like lifetime employment, there is a need for careful consideration of evidence when implementing major reforms. Ikeda called for greater cooperation between the government and private sector, emphasizing the need for clear explanations and effective communication, particularly when presenting new policies to the Diet.
Regulatory Sandboxes and Innovation
Ikeda also addressed the role of regulatory sandboxes, which allow businesses to experiment with new technologies in a controlled environment. “New technologies are being developed rapidly in the private sector,” she explained. “The regulatory sandbox system provides a space for these innovations to be tested, which can drive progress depending on the outcomes.” Shimizu echoed this sentiment, highlighting the FSA’s Fintech Demonstration Testing Hub as a collaborative platform for private and public sector partnerships.
Seeking Diverse Opinions and Addressing Human Resource Challenges
Itagaki expressed a desire to hear more individual company perspectives rather than just those of industry groups, which often dominate committee opinions. She also pointed out the challenge of keeping up with rapid technological advancements and the need for ongoing human resource development within the government.
In closing, Shimizu encouraged attendees to make full use of the FSA’s FinTech Support Desk, and Itagaki underscored the critical role of the Japanese government in supporting both Web3 innovations and addressing demographic challenges. “We are all aiming for the same place in terms of ambition,” Itagaki concluded, reinforcing the shared commitment to advancing Japan’s technological and economic future.
The conference highlighted the importance of continued collaboration between government and the private sector in shaping policies that foster innovation and address emerging challenges.
August 2024, Cryptoniteuae