The Japanese government has released a whitepaper outlining recommendations to expand the country's crypto sector and become a leader in Web3. Prime Minister Fumio Kishida believes that blockchain technology can solve problems in Japan and the government is considering using non-fungible tokens and decentralized autonomous organizations to support the "Cool Japan" strategy.

However, the implementation of these emerging technologies in Japan's conservative society will be challenging due to unique obstacles such as an aging population and a risk-averse culture. To overcome these challenges, Japan needs to produce a groundbreaking Web3 company that showcases the potential of blockchain technology and inspires other Japanese entrepreneurs. The government is taking steps to encourage this, such as launching a pilot project for a central bank digital currency and pushing for digital salary payments. Despite the challenges, there is reason to be optimistic about Japan's future in the Web3 arena with continued government support and the determination of entrepreneurs.