Japan in Web3 and NFTs with SMBC Group
NEW: 🇯🇵 Japanese banking giant SMBC ($2.1 trillion in assets) to develop NFT and Web3 projects
— Blockworks (@Blockworks_) July 25, 2022
“NEW: Japanese banking giant SMBC ($2.1 trillion in assets) to develop NFT and Web3 projects”.
SMBC Group, which operates one of Japan’s largest banks, along with HashPort, apparently wants to establish what has been called a “token business lab”, with the aim of experimenting with token businesses such as NFTs.
NFTs in Japan: Mitsubishi UFJ Financial Group (MUFG) with Animoca Brands
Through this collaboration, MUFG Bank committed to support the development of the NFT market by leveraging Animoca Brands’ know-how in digital content, intellectual property rights, and NFT market management.
The idea of MUFG Bank is to contribute to the protection of Web 3.0, involving the booming Non-Fungible Token market, by supporting the issuance and listing of NFTs and providing services for their purchase, such as their storage, etc.
Not only Non-Fungible Tokens, the legal framework for stablecoins
While Non-Fungible Tokens will be explored thanks to interest from Sumitomo Mitsui Financial Group and, previously from MUFG Bank, Japan is also ready to frame stablecoins.
In fact, last month, the Japanese parliament passed a law clarifying the legal status of stablecoins, defining them as digital coins that must be tied to yen or another fiat currency, granting holders the right to redeem them at face value.
This definition is only a first step toward building a full-fledged legal framework on stablecoins that will come into effect within the next year.