Asia Web3 Alliance Japan proposes US Japan cooperation to promote tokenization economy and Web3 innovation

Odaily Planet Daily News: Asia Web3 Alliance Japan has submitted a proposal to the US SEC Crypto Task Force, suggesting the establishment of a US Japan tokenization and Web3 regulatory cooperation plan, with joint participation from the SEC, Japan Financial Services Agency (JFSA), Ministry of Economy, Trade and Industry (METI), and Bank of Japan (BOJ). The goals include: 1. Developing a unified token classification framework, clarifying "tokenized securities", "utility tokens", and "non securities digital assets"; 2. Promote regulatory interoperability and support cross-border issuance of compliant tokens; 3. Design a safe harbor mechanism for early token projects and introduce sandbox testing in Japan based on the American model; 4. Establish cross-border token trading and custody standards; 5. Initiate the US Japan Web3 Regulatory Roundtable to continuously share policies and research findings. The proposal suggests holding a preliminary meeting, forming a joint working group, and selecting 2-3 US and Japanese startups to pilot cross-border token issuance, aiming to overcome the challenges faced by Japanese Web3 startups such as unclear classification, heavy compliance burden, and limited global market access.