Japan’s Government Prioritizes Web3 Despite FTX Disaster

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According to tweets from the two decentralized exchanges (DEXs), MuesliSwap and MinSwap, the stablecoin and Shen governance token of the future, Djed protocol will list on Cardano-based DEXs after their issue the following week. The largest Cardano DEX at the moment, according to DeFiLlama, is MinSWAP, which has locked $30 million in tokens. DjedPay is a djed-based payment system that has been created concurrently by developers. To match trades between users anonymously and without the involvement of third parties, DEXs rely on smart contracts.

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Sen. Ted Cruz has backed the booming cryptocurrency mining sector in his own Texas with vocal backing. He has also sponsored a concurrent resolution mandating the acceptance of cryptocurrencies as payment by all businesses on Capitol Hill. Cruz has reintroduced the pro-crypto resolution, but he is trailing other senators like Debbie Stabenow (D-Mich.), John Boozman (R-Ark. ), Kirsten Gillibrand (D-N.Y.), and Cynthia Lummis (R-Wyo.) who have all worked on significant crypto-related initiatives.

A representative from the House of Representatives named Masaaki Taira claims that the FTX disaster had “no impact on policy making.” Promotion of Web3 is still a priority for Japan’s government. A tiny but vocal group of legislators are putting up regulations for anything from non-fungible currencies (NFT) to decentralised autonomous organisations (DAO). According to one lawmaker, Japan is well-positioned to play a distinctive role in the cryptocurrency business. This raises the issue of why Japan is just now embracing cryptocurrency. That makes FTX Japan’s decision to refund the funds simpler. They are formally segregated in Japan.

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