The Web3 Foundation, best known for its groundbreaking Polkadot project, has unveiled a new initiative to encourage roundtable dialogues with regulators worldwide. The first of such meetings was conducted in Tokyo, Japan, on July 25th 2023, and brought together individuals from regulatory bodies, government institutions, and industry stakeholders.
The Foundation’s representatives included CEO Bertrand Perez, Bjorn Wagner, the CEO of Parity Technologies, a leading contributor to the Polkadot network and Yusuke Obinata, a council member of the Foundation. In the context of the swift adoption of blockchain technology and regulatory evolution, the Foundation emphasises the importance of taking a proactive stance in initiating meaningful conversations with policymakers around the globe.
What is the mission behind the roundtable talks?
Established in 2017 by Dr. Gavin Wood, co-founder of Ethereum and Founder of Polkadot, the Foundation is headquartered in Zug, Switzerland, also known as ‘Crypto Valley.’ Being situated in a region known for its supportive regulatory and taxation policies on Web3, the Foundation has gained valuable insights. It aspires to disseminate the positive experiences from Zug and foster the adoption of similar pro-Web3 regulations around the globe.
The roundtables build on the Foundation’s connections with other jurisdictions, by sharing its progress and technical advancements. Over the past three years, the Web3 Foundation has engaged in a dialogue with the Securities and Exchange Commission (SEC) in the US.
The insights gained from these conversations have significantly informed the development and regulatory navigation of Polkadot, the Foundation’s flagship blockchain project. The team took the Securities and Exchange Commission’s invitation to engage with its Strategic Hub for Innovation and Financial Technology (FinHub) and participated in more than 50 meetings.
In parallel with the Foundation delegation’s participation in the roundtable discussion, Japan’s Prime Minister Fumio Kishida also unveiled the country’s intent to back Web3 technology.
At the WebX conference held in Tokyo, Prime Minister Fumio Kishida acknowledged, “Web3 is part of the new form of capitalism.” He underscored the significance of Web3 technology as a vital element of Japan’s economic strategy, which is primarily centred around growth, innovation, wealth distribution, digital transformation, and the support of startups.
What does this mean for the industry?
Bertrand Perez, CEO of the Web3 Foundation commented: “Web 3.0 is a transformative wave that will repair many of the current internet’s shortcomings. Like any emerging technology, it presents valid concerns that governments and policymakers need to address.”
“As strong advocates of this tech, our role is to stand alongside the firms, assisting in addressing these issues in a manner that promotes innovation. The roundtable in Japan will be a crucial first step in growing our regulatory network in Japan and APAC more broadly.”
Yusuke Obinata, a council member of the Foundation, said: “Japan has a growing opportunity to cement itself as a crypto hub and a welcome environment for Web3 entrepreneurs. Additionally, the Foundation’s experience with Zug, Switzerland is illustrative when regulators engage with the industry and take a thoughtful and pragmatic approach to regulation.”
“The positive response from the industry represents a great example of how increased understanding between the industry and regulators can make meaningful changes to regulation that both reflect Web3 technology and support innovation within their jurisdictions.”
The Web3 Foundation is committed to fostering an open dialogue between the blockchain community and regulatory bodies. By sharing its technical expertise, the foundation aims to encourage pro-Web3 policies that will nurture the growth of this transformative tech globally.
