The agency plans to research the various aspects of DAOs and Web3.
To explore the various facets of DAOs and Web3, a research decentralized autonomous organization(DAO) was launched by the Digital Agency of Japan. The agency is responsible for initiatives related to digital transformation. It also considered the benefits and challenges of granting legal status to DAO in Japan.
The Digital Agency of Japan claimed that it planned to explore and investigate the various aspects of DAOs and other digital assets based upon blockchains that can be used for crimes spanning international borders. This announcement has indicated that the Digital Agency could issue a blockchain analysis of all complaints related to the crypto space from authorities in Japan.
Other initiatives in digital innovations were also being explored, which included a trial run of a non fungible token (NFT). Japan is considered to be one of the countries with the strictest laws in the regulation of crypto. But with such initiatives, the country is moving forward on embracing crypto and regulating it appropriately. A set of regulations were also liberalized to list new currencies on authorized exchanges.