Top Countries Adapting to New Web 3.0 Trends!

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The worldwide digital business landscape is changing in 2022 as a result of new developments in the Web3 age, including Metaverse, NFT, GameFi, DAO, and DeFi, which fundamentally rewrites established business models. With that a new digital era is also beginning!

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In a hope to make our nation more competitive in Web 3.0, a worldwide hub, officials in the United States and Europe have started to make efforts in the field of Web 3. With taxation favors and other assistance programmes, Singapore and the United Arab Emirates are leading the way in luring web3 businesses.

The following lists the policies, trends, and development status of the worldwide Web3 by nations or regions.

Japan

The Japanese government recently issued regulations and budgetary plans to reflect the formal elevation of Web3 to a level that will have an impact on the country’s economic destiny. Japan has worked to expand Web3 on a worldwide scale as one of the top 5 economies in the world. garnered unusually much attention.

  • NFT is positioned as one of the Web3’s economic detonators in the “Digital Japan 2022” white paper, which was published in March 2022 by the Japanese Democratic Party’s Digital Society Promotion Headquarters.
  • In few years from now, the Web3 and Metaverse market will reach a value of more than 1,000 trillion yen.
  • According to the pertinent Japanese authorities, DAO will signify yet another significant revolution in the economy in addition to NFT.
  • The old centralized management organizations in society will give way to decentralized autonomous organizations (DAOs).

United Arab Emirates

The first law to regulate virtual assets was passed in Dubai, according to a document released on March 9, 2022 by Sheikh Al Makturm, Prime Minister and Ruler of the United Arab Emirates. Dubai also established an independent body monitoring the creation of virtual assets in Dubai for system consistency.

To offer a comprehensive range of virtual asset services, the Dubai Virtual Assets Authority (VARA) collaborates with the Securities and Commodities Authority and the UAE Central Bank. Dubai residents must register with VARA in order to participate in cryptocurrency-related activities under new legislation.

Currently, the UAE has a unique zone that is exempt from corporate and income taxes and permits the registration of enterprises with 100 percent foreign ownership, particularly an incubation centre for businesses involved in crypto assets. Over 400 crypto and Web3-related enterprises are now operating in the UAE.

Africa

  • According to data from analytics company Chainalysis, the value of the African cryptocurrency market increased by more than 1,200 percent between July 2020 and June 2021.
  • Kenya, South Africa, Nigeria, and Tanzania saw the highest rates of bitcoin adoption during this time, with Africa having the third-fastest expanding cryptocurrency economy globally.
  • Chainalysis also discovered that the majority of global peer-to-peer cryptocurrency transactions take place in Africa.

This demonstrates how African customers are increasingly finding ways to circumvent explicit or implied limitations in authorities that are unfavorable to cryptocurrencies.

United States

A presidential decree was signed by U.S. President Biden in March 2022 to ensure the responsible development of digital assets. This decree gives relevant institutions a framework for the growth of a strong U.S. competitiveness, explores how to issue a central bank digital currency, and digital asset development. Risks relating to financial stability and other issues are also taken into consideration when analyzing how assets affect consumers, investors, businesses, and the interaction between blockchain technology and the energy transition.

  • The bipartisan bill addresses the jurisdictional separation of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission, stable coin regulation, banking-related digital asset transactions, the taxation of digital asset gains and losses, inter-ministerial coordination, and the creation of a digital asset advisory committee.
  • In order to incorporate digital assets into current legal frameworks and provide certainty for a developing industry, the law places a strong emphasis on flexibility, innovation, transparency, and consumer protection.
  • To ensure that the Web3 revolution occurs in America, two senators committed to pass the new legislation.

Europe

In terms of cryptocurrency asset regulation, Europe takes the lead. Since the increase in worldwide cryptocurrency investment in 2017, the relevant EU authorities have determined that it is vital to regulate the risks of market volatility, money laundering, and issues related to terrorist financing that are associated with crypto assets and DeFi.

  • The EU’s financial regulator’s legal answer to the aforementioned problems is the proposed Markets Regulations for Crypto Assets.
  • MiCA is a “regulation” under EU law that directly affects the member states of the EU. Once the MiCA is negotiated, it will replace all regulatory frameworks for crypto assets within the EU member states.

U.K

  • The UK Treasury unveiled a framework of actions in April 2022 to support the growth of the cryptocurrency asset market, including the establishment of stablecoin legislation and an environment that will enable the development of stablecoins as novel payment systems.
  • A NFT was also produced by the Royal Mint utilizing blockchain technology. It should currently be a part of the community for EU crypto-asset technologies.
  • The British Minister of Finance also stated that he wants to establish the UK as the epicenter of the world’s crypto-asset industry and maintain the UK’s reputation for innovation.

Singapore

Professor Li Guoquan of Singapore University of Social Sciences, Vice chairman of the Singapore Economic Association (SEE), gave in-depth commentary on the current state and potential growth of the Web3 business in May 2022.

  • The Monetary Authority of Singapore has created a “regulatory sandbox” framework specifically for start-up businesses in the fintech sector that use blockchain, metaverse, and web 3.0 technologies.
  • The Chairman added that Web3 has no boundaries, no states, and no domains; the true long-term development objective of Web3 is “de-license,” and a decentralized autonomous organization (DAO) is the future development path.

France

French President Emmanuel Macron urges the major cultural institutions to adopt NFT policies, such as through promoting, spreading, and safeguarding digital twins or their physical Favorite version.

Leading blockchain protocols and other participants are vying for control of the developing Web3 economy in Africa. Ethereum, Cardano, Stellar, Celo, and other cryptocurrencies look to be vigorously fighting for their place in Africa’s developing Web3 economy in just the last year!