Introduction

Japan is striving to open a new chapter on the Web3 stage. As a nation leading the world in cryptocurrency regulation, Japan’s efforts extend beyond legal and regulatory improvements to serve as a bridge between emerging technologies and society, attracting widespread domestic and international attention. This momentum is accelerating, and the environment surrounding Web3 in Japan is evolving rapidly.

Against the backdrop of global exploration into Web3 possibilities, what direction is Japan heading in? What specific regulations have been enacted? What challenges are businesses facing? And what are the needs of individual users and investors? To answer these questions, this article will analyze the latest developments in Japan’s Web3 ecosystem for 2024 from three perspectives: “Society and Politics,” “Businesses,” and “Individual Users.”

1. Trends in Society and Politics

Key Points:
1.1 The Shigeru Ishiba Administration
1.2 Changes in Regulation and Tax Policies
1.3 Expansion of Business Opportunities Brought by New Legal Frameworks
1.4 Local Government Initiatives in Web3: Tokyo and Osaka’s Measures

1.1 The Shigeru Ishiba Administration

Image Source:日本経済新聞

In September 2024, Shigeru Ishiba was elected as the new president of the Liberal Democratic Party (LDP), according to Nikkei Asia. Under Japan’s political system, the leader of the ruling party generally assumes the role of Prime Minister. As the new head of the LDP, Ishiba is set to lead Japan’s government and shape its policies.

During the previous Kishida administration, significant efforts were made to promote the development of Web3 technologies. The public now anticipates that this momentum will continue—and even accelerate—under Ishiba’s leadership. The formation of his government is seen as a pivotal moment for advancing Japan’s position in the global Web3 landscape.

Image Source:内閣改造の目玉に「Web3担当大臣」　平将明議員が語る国家戦略

One particularly notable development is the appointment of Masaaki Taira, a key figure in Japan’s Web3 policy movement, as the Minister of Digital Affairs. Taira previously led the Liberal Democratic Party’s Web3 Project Team (Web3PT) and was instrumental in advancing Web3 initiatives under the Kishida administration. His new role is expected to significantly enhance his influence and decision-making authority in shaping policies related to Web3.

In Japan, Web3 technologies are seen as a cornerstone for driving new economic growth. The public anticipates that with the establishment of the Ishiba administration, policy momentum will increase. This includes clearer regulations and measures to bolster international competitiveness, which are likely to accelerate under the new leadership.

1.2 Regulatory and Tax Policy Changes

Exclusion of Corporate “End-of-Term Market Value Tax” on Digital Assets As part of Japan’s major tax reforms for 2024, corporate-held digital assets are no longer subject to the “end-of-term market value tax.” Previously, Japanese corporations were required to pay taxes on unrealized gains from holding digital assets, creating significant financial burdens. This led many companies to establish offshore entities to conduct their business activities.

The policy shift represents a turning point, providing domestic companies with a more favorable environment to focus on their business activities without concerns over unrealized tax liabilities. This reform is expected to encourage more businesses to operate within Japan, fostering a healthier and more competitive Web3 ecosystem.

Japan’s efforts to refine crypto asset regulations date back to the 2017 revision of the Payment Services Act, which recognized cryptocurrencies like Bitcoin as a legitimate means of payment, classifying them as digital assets distinct from fiat currencies. Subsequently, in 2020, ICOs (Initial Coin Offerings) and STOs (Security Token Offerings) were brought under the regulatory framework of the Financial Instruments and Exchange Act to establish investor protections. By 2023, regulations were introduced to address stablecoins (cryptocurrencies pegged to fiat currencies), further solidifying the legal foundations for Web3 in Japan.

However, tax policies have historically lagged behind these regulatory advancements. The taxation of corporate-held crypto assets, especially under the “end-of-term market value tax” system, has been a longstanding obstacle. This system taxed unrealized gains on crypto assets held by companies at the end of the fiscal year, disregarding the inherent volatility of crypto prices and imposing a substantial financial burden. Consequently, many companies opted to operate through offshore entities to avoid these tax implications.

Impact of the Tax Reform on Businesses

The 2024 tax reform eliminates this punitive taxation model, creating a more conducive environment for businesses to hold and utilize crypto assets domestically. This shift is expected to significantly boost token issuance and fundraising activities within Japan. Startups and market entrants, in particular, are anticipated to benefit, positioning Japan as a more attractive destination for Web3 innovation and investment.

Tax Issues and Future Outlook for Individual Investors

While progress has been made in corporate taxation, significant challenges remain for individual investors. Currently, profits from crypto asset trading are classified as “miscellaneous income” under Japan’s tax code and are subject to progressive taxation, with rates reaching as high as 55%. This heavy tax burden, coupled with complex filing procedures, has deterred many individual investors from actively participating in the market.

At the WebX 2024 conference in August 2024, Masaaki Taira, head of the LDP’s Web3 Project Team, highlighted these issues. He proposed revising the tax treatment of individual crypto earnings to a flat 20% rate, similar to financial income tax. Such a reform would not only ease the financial burden on investors but also stimulate domestic market activity.

Policy Developments and Market Implications Discussions regarding individual tax reforms are reportedly progressing steadily within the government and Financial Services Agency (FSA). If implemented, these changes could expand the base of retail investors in Japan and catalyze broader growth in the crypto asset market.

Shifting Attitudes of the Financial Services Agency (FSA)

Image Source:ShutterStock

Previously, the Financial Services Agency (FSA) imposed stringent regulations on crypto assets, citing the need to protect investors. However, in 2024, the agency’s stance began to shift, reflecting a more progressive outlook. The FSA is now exploring the inclusion of crypto assets under the Financial Instruments and Exchange Act. This reclassification would legally define crypto assets as “financial instruments,” potentially leading to several significant developments:

• 1. Accelerated Tax Reform \ If crypto assets are treated as financial instruments, this could expedite reforms to reduce the tax burden on both individual investors and businesses. A more refined tax framework would encourage broader participation in the Web3 economy, driving innovation and investment.
• 2. Discussions on Bitcoin ETFs \ Reclassification would pave the way for new financial products, such as Bitcoin ETFs (Exchange-Traded Funds). The introduction of Bitcoin ETFs would bridge the traditional financial market and the crypto asset market, attracting greater participation from both retail and institutional investors. This integration could significantly enhance market liquidity and credibility.
• 3. Easing Regulations on In-Game Tokens \ The FSA is also reviewing regulations concerning the use of in-game tokens, aiming to create a friendlier environment for gaming companies to leverage tokens more flexibly. This regulatory relaxation could spur growth in blockchain gaming, a sector closely tied to Web3 innovation.

These evolving policies underscore Japan’s ambition to strengthen its global standing in the Web3 industry. By fostering a more supportive regulatory environment and addressing barriers to growth, Japan is poised to gain a competitive edge on the international stage.

1-3. Expansion of Business Opportunities through New Legal Frameworks

Authorization of LLC-based DAOs

On April 22, 2024, Japan officially allowed the establishment of Decentralized Autonomous Organizations (DAOs) in the form of Limited Liability Companies (LLCs). This legal reform grants DAOs formal corporate status within Japan, enabling them to act as contractual entities and hold assets such as real estate. The proposal, originating from the Web3 White Paper 2023 published by the Liberal Democratic Party, was implemented at an unprecedented pace, garnering significant attention from both domestic and international blockchain industries.

During the process of introducing LLC-based DAOs, several legal challenges were addressed, with two key issues standing out:

1. Treatment of Employee-Related Tokens: The reform classifies certain DAO-issued tokens as either “non-dividend tokens” or “tokens held by executing employees,” treating them as secondary securities under the Financial Instruments and Exchange Act.
2. Disclosure of Employee Information: The new framework exempts DAOs from the obligation to disclose employee information, ensuring privacy and operational flexibility.

The establishment of LLC-based DAOs opens up diverse applications, including regional revitalization projects and community-led initiatives in sports and entertainment.

Legal Amendments Allowing LPS Investment in Crypto Assets

In February 2024, Japan’s Ministry of Economy, Trade, and Industry approved a legal amendment permitting Limited Partnership Structures (LPS) to invest in and hold crypto assets. Traditionally, LPS entities were limited to investments in conventional financial instruments like stocks and bonds.

Previously, Japanese LPS entities were unable to allocate capital to crypto assets, forcing domestic Web3 projects to rely on overseas venture capital (VC) for funding. This amendment is expected to diversify funding sources and revitalize the domestic market.

The amendment is currently under deliberation in Parliament. If passed, it is projected to take effect in 2025, enabling domestic VCs to formally invest in tokens and significantly enhance funding opportunities for Web3 projects within Japan.

1-4. Local Government Initiatives in Web3: Tokyo and Osaka’s Measures

Tokyo: Emerging Precedents

In Japan, the use of Web3 technologies for regional revitalization is being actively explored. Many cities have initiated unique efforts at the local level. As of 2024, Tokyo stands out with several pioneering projects

Image Source: FC東京オフィシャルホームページ

Tokyo Advances Regional Revitalization Using Web3 Technology

In Mitaka City, the “Hometown Tax NFT Project” in collaboration with FC Tokyo introduces an innovative donation model by offering limited-edition NFT digital art, created in partnership with FC Tokyo, as a thank-you gift for hometown tax donations. Sports fans and local residents can support Mitaka City while enjoying the excitement of NFTs.

Meanwhile, the “Aogashima DAO Project” aims to transform Aogashima, a remote island of Tokyo, into a DAO (Decentralized Autonomous Organization). This initiative emphasizes resident participation and feedback, seeking to manage local affairs in a community-driven manner while exploring sustainable development and resource utilization.

In Okutama City, token-based crowdfunding has been implemented to preserve tourism resources. Tokens are issued to raise funds for opening traditional Japanese house restaurants and hotels. Through this method, individuals interested in regional revitalization can contribute by providing financial support.

These practical examples clearly demonstrate how Web3 brings entirely new value to local communities.

Osaka—Empowering Digital Society Through the Expo

Osaka Prefecture, set to host the 2025 World Expo, is driving innovative Web3 applications centered around the “EXPO 2025 Digital Wallet.” This digital wallet supports cashless payments, NFT acquisitions, and loyalty rewards. It aims to offer diverse experiences across Expo venues and related facilities, creating a fully cashless Osaka Expo.

Image Source: EXPO2025

Based on the EXPO2025 platform, a Digital Stamp NFT Activity was launched in April 2024, centered on restaurants near Expo venues. Users can collect digital stamps from the restaurants they visit, adding an element of fun to their dining experiences.

In addition, the Osaka City Museum Institutions plan to introduce a similar NFT-based digital stamp activity in November 2024 to enhance museum visits with digital technology in preparation for the Expo.

Meanwhile, Habikino City in Osaka Prefecture became the first in the Kansai region to sell “Digital Resident Ticket NFTs” in October 2024. These NFTs grant purchasers free services or discounts at yakiniku restaurants and local experience facilities within the city.

Taking advantage of the Expo opportunity, Osaka Prefecture actively leverages Web3 technology to achieve regional revitalization and further develop a digital society.

2. Corporate News

Key Highlights:

2-1. Financial Industry Updates

2-2. Gaming Industry Updates

2-3. Real Estate Industry Updates

2-4. Transportation Industry Updates

2-5. Power Industry Updates

2-6. Environmental Industry Updates

2-7. Communication Industry Updates

2-8. Food Industry Updates

2-9. Watch & Apparel Industry Updates

2-1. Financial Industry Updates

Sony Bank: Launches Multiple Web3 Initiatives

In 2024, Sony Bank announced a series of initiatives based on Web3 technology, outlining its strategy to integrate finance and entertainment. In April, Sony Bank launched the development of digital securities based on entertainment intellectual property (IP). Through this initiative, content such as music, movies, and games can be tokenized as digital securities, offering users a new range of financial products. Additionally, Sony Bank began piloting the issuance of stablecoins pegged to fiat currencies and developing blockchain wallet technology, aiming to expand the application scenarios of the Web3 economic ecosystem.

In July of the same year, Sony Bank introduced an application for Web3 entertainment called “Sony Bank CONNECT.” The app integrates with Sony Group’s NFT marketplace, “SNFT,” allowing users to view and manage their NFT collections. It features the ability to display NFTs on the home screen and supports showcasing NFTs in a 3D gallery called “Rooms,” further enhancing the entertainment experience.

Image Source:web3エンターテインメント領域向けアプリを2024年夏リリース 新サービス名称 Sony Bank CONNECT（ソニーバンク・コネクト）に決定

Sony Bank’s initiatives leverage the Sony Group’s strengths in the entertainment sector while exploring the potential of Web3. By harnessing Web3 technology, Sony Bank aims to transcend traditional financial services and create an integrated “Finance × Entertainment” hybrid industry for individual users, presenting a new vision of services and value.

2-2. Developments in the Gaming Industry

Sony: Officially Entering Web3, Drawing Global Attention

Source

A notable highlight in Japan’s Web3 industry is the Sony Group’s collaboration with Startale to establish a joint venture, Sony Block Solutions Labs, which introduced the Layer 2 blockchain “Soneium.” The company was founded in September 2023, combining Sony and Startale’s technological expertise to develop a public blockchain aimed at providing a seamless platform that bridges Web2 and Web3, accelerating blockchain mass adoption.

Soneium focuses not only on offering Web3 solutions but also strengthens its integration with Sony’s existing businesses and its support for creators, aiming to establish mechanisms centered on rights protection and revenue sharing. This launch has spurred active development in related projects. In August 2024, YGG Japan announced the release of a game-specific Layer 3 blockchain, “YAIBA,” built on Soneium to support the infrastructure needed for Web3 game development.

Square Enix: Collaboration with SuiPlay

Source

At the Korea Blockchain Week 2024 in September, Mysten Labs, the developer of the Sui blockchain, announced an exciting collaboration between its portable Web3 gaming platform, SuiPlay, and Japanese gaming giant Square Enix.

SuiPlay uses a streamlined and highly scalable blockchain framework to provide a platform that seamlessly integrates traditional game development with Web3 features. While the specific details of the partnership have yet to be disclosed, this move highlights Web3’s potential in the traditional gaming market, garnering significant industry attention.

double jump.tokyo: Developing a New Title in the “Sangokushi Taisen” Series Using SEGA IP

Image Source:double jump. tokyoがAltLayerの技術を活用したL2ブロックチェーン「SG Verse」を構築、セガ『三国志大戦』のIPを活用した新作ブロックチェーンゲームで採用

Double Jump.Tokyo announced at the 2024 Tokyo Game Show (Tokyo Game Show 2024) that a brand-new blockchain game, “KAI: Sangokushi Taisen - Battle of Three Kingdoms”, based on a license from SEGA, is officially under development. The game is built upon SEGA’s popular title Sangokushi Taisen and leverages NFT technology to deliver a fresh gaming experience for players.

2-3. Updates from the Real Estate Industry

NOT A HOTEL: Raises 5.5 billion yen to expand its business footprint

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 garnered widespread attention. The company’s core business model revolves around shared villas, where users can either purchase entire properties or opt for shared ownership in units of 10 or 30 days per year.

In 2024, NOT A HOTEL successfully raised approximately 5.5 billion yen and plans to expand to new locations both domestically and internationally. The focus will be on tourist destinations and resort areas, aiming to attract foreign investors and visitors to make purchases.

Image Source:NOT A HOTEL COIN、RWA（現実資産）で日本初となるIEO※1、本日10月31日より購入申し込み開始。ホワイトペーパーと新Webサイトも同時公開

In the same year, October 2024, the company launched its proprietary token “NAC” via an IEO. NAC holders can use the token for booking and renting accommodations, and they can earn lodging rights as rewards. Additionally, by participating in the NOT A HOTEL DAO, users can take part in decision-making for location selection and operational policies. NAC is considered a crucial cornerstone for supporting this user-participation-based ecosystem.

2-4. Updates from the Transportation Industry

Toyota Blockchain Lab: Exploring Tokenization of Vehicle Usage Rights via “Smart Accounts” \ In 2024, the Toyota Blockchain Lab (TBL) unveiled a new concept to tokenize vehicle-related rights and manage them through “Smart Accounts”, enabling integration with various automotive services. \
Source

These smart accounts differ from traditional ones as they employ Ethereum’s ERC-4337-based Mobile-Oriented Accounts (MOA). MOA abstracts account processes, separating authentication from key management. Even if a user loses their private key, the account remains intact, providing a more secure and flexible account management system.

Users can perform operations, such as unlocking a vehicle, through smartphone apps. Permissions can be flexibly allocated, ranging from full access to limited permissions, such as locking or unlocking the trunk, with specific time restrictions. This digitized method of managing vehicle usage rights is also expected to enable services like car-sharing.

In April 2023, Toyota introduced its “Toyota Mobility Concept”, whose final phase, Mobility 3.0, aims to integrate mobility with societal systems. The smart account concept is considered part of this initiative, with public blockchains seen as a potential key to realizing Toyota’s vision for mobility.

KINTO: Issuing NFT Certification for Safe Drivers \ KINTO, in collaboration with Toyota, has initiated a pilot test. This pilot involves collecting driving data from vehicles to analyze and identify safe drivers. Those certified as safe drivers will receive non-transferable NFTs, also known as Soulbound Tokens (SBTs). This marks the first use of blockchain technology in the transportation sector to permanently record safety certifications.

In the future, these certifications could form the basis for cost-effective mobility-related services. The initiative is expected to encourage safer driving habits and contribute to the advancement of mobility-focused societal systems.

2-5. Updates from the Energy Industry

Tokyo Electric Power Grid: Testing a Mobile Gaming App for Power Infrastructure Monitoring

Image Source: PicTrée Official Account on X

Tokyo Electric Power Grid: Launching a Mobile Gaming App Trial for Power Infrastructure Monitoring \ Tokyo Electric Power Grid, in collaboration with Greenway Grid Global and Digital Entertainment Asset, has initiated a trial for a gaming app called “PicTrée.” Through this app, users can take photos of utility poles and other power infrastructure while engaging in competitive gameplay. This not only offers entertainment for users but also has the potential to enhance regional infrastructure maintenance and facilitate early detection of equipment anomalies, thereby creating societal value through gaming.

2-6. Updates from the Environmental Industry

Klima DAO Japan: Launching a Carbon Credit Trading ReFi Project in Japan

Image Source:KlimaDAOの日本法人「KlimaDAO JAPAN（クリマダオジャパン）」が設立：Web3・ブロックチェーンで気候変動対策を変革

In 2024, Klima DAO established a Japanese subsidiary, KlimaDAO Japan, dedicated to developing a marketplace platform for the tokenization of public carbon credits, “J-Credits.” In April, they launched a platform tailored for participation by Japanese citizens and businesses, creating new opportunities for greenhouse gas reduction initiatives.

On November 19, the company initiated a trial for the “KlimaDAO JAPAN MARKET,” leveraging the Polygon blockchain to tokenize J-Credits, enhancing liquidity and transparency in carbon credit transactions. Several companies, including Mizuho Financial Group and Optage, participated in the trial. The platform is expected to open to the public in the spring of 2025. These efforts aim to address challenges in Japan’s carbon credit market and contribute to combating climate change, garnering widespread attention.

2-7. Updates from the Telecommunications Industry

NTT Docomo: Launching a Web3-Compatible Wallet

Image Source:みんなのデジタルウォレット scramberry WALLET を提供開始

NTT Docomo: Launching a Web3-Compatible Wallet

Through its Web3-focused subsidiary NTT Digital, established in 2022, NTT Docomo has introduced a Web3-compatible wallet called “scramberry WALLET.” Users can easily register with just their phone numbers, and wallet data is stored securely in the cloud with backup functionality for effortless recovery. Additionally, its security features include filtering small amounts of crypto assets and NFTs, significantly enhancing safety.

Image Source:Animoca Brands JapanとKDDI、Web3分野での事業連携を開始

KDDI partnered with Animoca Brands Japan, the Japanese subsidiary of Animoca Brands, to sell NFTs for the blockchain game “PHANTOM GALAXIES” on KDDI’s NFT marketplace, “αU market,” in March 2024. This collaboration strengthens the connection between the telecommunications industry and Web3 while establishing new business models utilizing NFTs.

2-8. Updates from the Food Industry

Suntory: Combining NFTs with Beer

Image Source:サントリー、NFTつきビール発売──アバランチブロックチェーンを採用

Suntory, leveraging Avalanche technology, launched a beer integrated with NFTs: “THE PREMIUM MALT’S Masters Dream <Yamazaki Cask-Aged> 2024.” This limited-edition beer is aged in barrels that previously held whiskey at the Yamazaki Distillery. The bottle is equipped with an NFC (Near Field Communication) tag. When consumers open the bottle, the NFC tag activates and generates a unique digital collectible NFT as proof of consumption. This initiative aims to enhance customer loyalty and elevate the experience of purchasing limited-edition products.

Calbee: Bringing “Jagarico” and “Kappa Ebisen” to a Popular Web3 Game!

Image Source:国内食品メーカー初の試み！ 「じゃがりこ」と「かっぱえびせん」が人気web3ゲームに登場！2024年9月11日（水）より各ゲームからコラボレーションアイテム（NFT）を順次発売

Calbee announced its partnership with Web3 games, marking the first collaboration of its kind by a domestic food manufacturer. NFT items themed around its popular products “JagaRico” and “Kappa Ebisen” will be gradually introduced in three Web3 games: CryptoSpells, JobTribes, and HEAL-Ⅲ. This initiative presents a new form of fan interaction by blending the virtual and real worlds. Additionally, the company plans to leverage interoperability between games through an event called “WEB3 GAME FES,” aimed at enhancing interaction and collaboration.

2-9. Updates from the Watches and Apparel Industry

Casio: Launching “VIRTUAL G-SHOCK” and Collaborating with “STEPN GO”

Image Source:X（https://x.com/CASIOJapan/status/1826514893668831469）

Through its virtual communication project “VIRTUAL G-SHOCK,” Casio has actively engaged in marketing towards Web3 users. The project collaborates with the Web3 lifestyle app “STEPN GO,” strengthening connections with younger users, particularly those from Generation Z. This initiative highlights the potential of Web3 in the watches and apparel industry and serves as a model for brand strategies in the digital age.

3. Trends Among Individual Users and Investors

Key Points in This Section:

3-1. Trends in Domestic Exchange Account Openings

3-2. Japan’s Most Anticipated Web3 Projects in 2024

3-3. Primary Media Used by Individuals for Information Retrieval

3-4. Prominent Cryptocurrency Influencers in Japan

3-1. Trends in Domestic Exchange Account Openings

Based on on-chain data estimates, the number of accounts opened at Japanese cryptocurrency exchanges continued to grow steadily in 2024.

Image Source: Dune Analytics Dune Analytics’ dashboard tracks the number of unique wallet addresses receiving funds from external wallets for major exchanges, including Coincheck, bitbank, and bitFlyer. On-chain data shows that the combined total of unique wallets for these three exchanges was 356,917 in January 2024, rising to 408,039 by November 2024.

If the number of unique external wallets is assumed to represent 20% of total accounts and these three exchanges are estimated to control 60% of the market, the total number of domestic exchange accounts can be projected at approximately 3.4 million as of November 2024. Similarly, the total was around 2.97 million in January 2024, reflecting an increase of 426,000 new accounts over the year.

Although two months remain in 2024, the growth rate aligns with previous years, indicating a steady rise in domestic exchange accounts. The number of individual investors holding cryptocurrencies is expected to continue increasing.

3-2. Japan’s Most Anticipated Web3 Projects in 2024

SNPIT

Image Source:無料で始められて、撮るだけで稼げる！ 家族で楽しむ人も多いブロックチェーンゲーム「SNPIT」の魅力とは？

The photography-themed GameFi project “SNPIT” has gained widespread attention in 2024. Players hold camera NFTs within the app, take photos with their smartphones, and earn token rewards through community voting. The system cleverly integrates social network (SNS) elements, fostering active community interactions. Additionally, NFTs offering photography tools attract both creators and collectors, creating a well-regarded economic model. As a representative of “Mobile Apps × Web3 Games,” SNPIT showcases new possibilities.

CoinMusme (Crypto Girls)

Image Source:ブロックチェーンゲーム「コインムスメ」が11月22日にリリース決定＆リリース記念ガチャを開催！ゲームリリース後の開発ロードマップを公開！

“CoinMusme” is a blockchain game where cryptocurrencies are personified as idol characters. Released in December 2024, players engage in non-realtime battles through these characters and predict cryptocurrency trends to earn tokens based on their results. Before its launch, the project actively promoted itself through partnerships with Web3 projects such as game guild company IGG, virtual world platform Yay!, and Japanese yen-pegged stablecoin provider JPYC, garnering significant attention.

Brilliantcrypto

Image Source:Brilliantcrypto公式

The GameFi project “Brilliantcrypto”, launched in Japan in 2024, centers around mining gems and minerals, earning significant acclaim. Players mine to earn BRIL tokens, which can be used to purchase NFT tools such as picks and gems, enhancing gameplay efficiency and enjoyment. An IEO held on the major Japanese exchange Coincheck sparked strong interest from individual investors, making it a hot topic among GameFi enthusiasts. Brilliantcrypto is considered one of Japan’s flagship GameFi projects for 2024.

Yay!

Image Source:Yay!、Web3機能概要とエアドロップサイト公開　8月28日よりステーキング開始へ

The social app “Yay!”, with over 9 million users, accelerated its Web3 expansion in 2024, drawing widespread attention. It provides a community space for sharing interests, and its “Yay! Staking Event”, launched in August, became a key step in strengthening its Web3 ecosystem. Users who staked Ethereum could earn in-game NFTs called “Yay! Pal” and utility tokens “EMPL.” This mechanism attracted Web2 users, boosting adoption. Governance tokens “YAY” allow participation in decision-making, and collaboration with the liquid staking protocol StakeStone offers diverse rewards, making this new token economy model a hot topic.

FiNANCiE

Image Source:『ホリエトークン』爆誕。堀江貴文氏がFiNANCiEにて新プロジェクトを発足！マーケット公開に向け、本日18時よりコミュニティを先行公開中

FiNANCiE is a platform where anyone can issue unique tokens or collectible cards. In January, prominent Japanese influencer Ikehaya launched character IP tokens on the platform, prompting numerous domestic influencers to issue corporate or community tokens. In 2024, notable figures in business, such as Takafumi Horie and entrepreneurs from the YouTube show “Reiwa’s Tiger”, issued their own tokens on FiNANCiE, making it a major trend.

3-3. Primary Media Used by Individuals for Information Retrieval

In 2024, the following trends were observed in the media Japanese individuals use to access cryptocurrency-related information:

X (formerly Twitter): A primary platform for real-time news and market updates.

YouTube: While still popular, the reduction in crypto-focused channels has led to lower information quantity and quality.

Discord and Telegram: Increasingly used by serious investors for in-depth discussions and exchanges of professional insights.

Specialized Media: CoinPost, CoinDesk Japan, and Cointelegraph Japan are widely recognized for their reliable coverage of industry trends, technical insights, and regulatory news. These media outlets serve as key resources for beginners and advanced investors alike.

3-4. Prominent Cryptocurrency Influencers in Japan

ADMEN

X Followers: 53,000

CMO of Japan’s well-known crypto community “Boarding Bridge” and media outlet CRYPTO TIMES. Renowned for expertise in meme coins.

Noroi-chan

X Followers: 20,000

Shares Web3 gaming content on X and YouTube. Founder of Web3 game marketing company GAMIES Inc.

MA-LUCIAN

X Followers: 88,000

Shares insights across gaming and DeFi. Co-founder of the crypto community “OtakuLabs.”

taka__crypto

X Followers: 20,000

Operates AirdropList, a platform for curated crypto airdrop information. Offers beginner-friendly explanations of global DeFi projects.

Bankera Dao

X Followers: 30,000

Publishes curated airdrop information and crypto updates on X and its media platform Bankera Dao.

Ratte

With over 300,000 followers, X is the founder of ISC, Japan’s largest Web3 influencer community. Formerly a producer of Web2 mobile games at a major Japanese corporation, X achieved third place in Japan’s sales rankings. By applying Web2 expertise to Web3 marketing, X has garnered significant attention in the industry.

Japan’s Web3 Industry: Challenges and Potential

Reflecting on Japan’s Web3 industry in 2024, the sector showcased both promising developments and significant challenges. While advancements in regulatory frameworks and the emergence of new projects were encouraging, high entry barriers for individual investors and the absence of globally renowned Web3 projects remain pressing issues.

One prominent challenge is the lack of vibrancy in the cryptocurrency market, with Japan’s stringent tax policies cited as a primary factor hindering growth. In contrast, countries like South Korea have stimulated retail market activity through tax incentives. Japan’s delay in tax reforms has resulted in missed opportunities. Reforming the tax system is critical for enhancing global competitiveness and requires urgent attention.

Moreover, many companies still lack a deep understanding of how to commercialize blockchain applications. Despite its innovation potential, businesses struggle to translate blockchain into tangible commercial value, leading to cautious attitudes toward entering the Web3 space.

A further challenge lies in the lack of technical competitiveness. Japan has yet to produce internationally impactful Web3 projects. To establish a presence in the global market, the industry must collectively focus on nurturing and supporting developers.

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