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    Bertrand Perez: “We are thrilled by the openness to engagement by regulators in jurisdictions in APAC.”

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    Briefly:

    • Bertrand Perez discusses the importance of a clear regulatory framework to accelerate mass adoption of Web3.
    • He also talks about segments of the crypto industry that are technically important for mass adoption.
    • And why his organization continues to support the project despite the bear market.

    Asia Pacific has emerged as one of the hotspots for Web3 adoption. The region has several of his leading Web3 investment firms, including Animoca Brands, HaskKey Capital, and Double Jump.Tokyo.

    Major blockchain game and entertainment companies in Japan and South Korea, such as Bandai Namco, NCSOFT, Square Enix and Netmarble, are also leading the way in Web3 adoption, while local governments have given clear directives to Web3 companies. We continue to show a positive attitude towards involvement in the implementation of the regulatory framework. .

    For more insight into what makes Asia Pacific a draw for Web3 companies, we reached out to Bertrand Perez, CEO of the Web3 Foundation. His organization has worked with policymakers in various jurisdictions around the world to establish a clear framework for cryptocurrency regulation.

    The Web3 Foundation is the organization behind Polkadot, a decentralized blockchain network. The group recently began working with regulators to help unlock the economic potential of blockchain technology, starting with Japan.

    This follows Japan’s Prime Minister Fumio Kishida declaring the country’s determination to help advance Web3 technology in the country.

    The next day, Binance CEO Chenpeng Chao revealed that the company had launched an exchange dedicated to the Japanese market, Binance Japan, amid continued regulatory scrutiny in the US market.

    Western economies such as the EU, UK and North America are also working on web3 regulatory frameworks, but APAC jurisdictions have shown more openness to engagement with industry players, Perez noted. To do.

    Here, he elaborates on his views on the mass adoption of the Web3 industry and users across Asia.

    Tell us about your journey with Web3 and your role with the Web3 Foundation.

    Two years ago, I joined the Web3 Foundation, drawing on my experience with Libra, a payment project by Facebook (now Meta). During my time at Libra, we set a precedent in the crypto industry. Today, regulators are enacting and influencing legislation inspired by our past participation. At the Web3 Foundation, we have continued to focus on regulation, understand its impact on the decentralized space, and explore innovative ways to overcome these challenges.

    The Web3 Foundation is actively building partnerships in several areas, most recently with the music industry. We strongly believe that music will play an important role in the evolution and mass adoption of Web3. As part of our commitment, we hosted the successful Web3 Music Summit, which brought together key stakeholders to explore the potential of Web3 to revolutionize the music industry.

    My passion for Web3 stems from its potential to create a fairer and more decentralized world. I am committed to driving adoption of Web3 technologies, fostering meaningful collaboration, and building an inclusive ecosystem that empowers individuals and communities.

    I am honored to be a part of this transformational journey. He looks forward to continuing to work with the Web3 community to push the boundaries of innovation and drive real-world impact.

    Your organization recently initiated a roundtable discussion with policy makers. What made you start working in Japan? And how important is the government’s role in promoting Web3?

    The Foundation has worked with regulators since its inception. Whether it’s the US SEC or EU regulators.

    It is clear that many jurisdictions, including Japan, are considering changes to their regulatory frameworks to unlock the innovative and economic potential of blockchain technology.

    We would like to formalize our outreach to regulators on behalf of the web3 and Polkadot communities while continuing to build relationships and understanding with regulators around the world.

    What is the state of cryptocurrency regulation in Asia-Pacific compared to Europe and the US?

    There are differences between jurisdictions within the Asia-Pacific region.

    However, there are encouraging signs from regulators in Japan, Singapore, Hong Kong and South Korea that they want to provide thoughtful and clear regulation that supports the innovative and economic potential of blockchain technology. You can

    After all, the industry wants regulatory clarity, and the EU took a big step towards this this year with MiCA.

    However, the United States has shown a growing lack of clarity for Web3 entrepreneurs. This has a negative impact on innovation and drives entrepreneurs to other jurisdictions with clearer and separate regulations.

    Your organization recently announced its 18th round of grants to support the Web3 project. Has the crypto winter affected your grant program in any way? For example, offers or requests from applicants.

    Despite the bear market, we continue to be encouraged by the number of entrepreneurs building in the Web3 ecosystem.

    The Foundation’s goal is to foster a robust and innovative Web 3.0 ecosystem that remains constant through market cycles.

    Which segments of the cryptocurrency industry will be important for mass adoption of Web3, and how is the Web3 Foundation positioned to support these segments?

    Segments of the cryptocurrency industry that will be important for mass adoption are:

    1. Governance and DAOs: Decentralized Autonomous Organizations (DAOs) strengthen community-driven decision-making and governance structures, promoting inclusiveness and transparency within projects. At Polkadot, he transitioned to Open Gov, an effort to enable communities to create more decentralized systems, and he grew to become one of the world’s largest decentralized autonomous organizations (DAOs).
    1. Interoperability: Achieving seamless interoperability between various blockchain networks is critical to enabling fluid data and asset transfers across the decentralized web.
    1. User-friendly wallets and interfaces: Developing intuitive wallets and user interfaces is essential to attracting mainstream users to the Web3 world and making interactions more accessible and secure.
    1. Privacy Solutions: Enhancing the Web3 platform’s privacy capabilities is critical to addressing user concerns and ensuring data protection while maintaining transparency and accountability.

    By focusing on these segments and addressing their respective challenges, we can drive mass adoption of Web3 and revolutionize the way people interact with technology and the internet.

    Traditional game companies in South Korea and Japan have spearheaded the introduction of Web3 elements in games. What are the biggest challenges blockchain games must overcome for mass adoption?

    A consistent barrier to consumer use of Web3 is user experience. However, we continue to see entrepreneurs continue to innovate in this space.

    We believe there will come a future when people use ‘web3 gaming’ without even realizing they are using ‘web3 gaming’.

    Instead, the technical underpinnings of the game will be seamless and demanded by customers without knowing the details of how the blockchain will interact with their gaming experience.

    Google Play Store recently updated its policy to allow blockchain-based apps. What aspects of this decision do you think will have a significant impact on Web3 adoption?

    From DeFi to gaming to the creative industries, we continue to see widespread institutional adoption of blockchain technology.

    As the Foundation is not a blockchain-based app developer, it does not have direct knowledge of how the Google Play Store’s decisions are impacting players in the space.

    However, we see this as a sign of broader convergence, with more traditional players embracing the possibilities and uses of blockchain technology.

    Where do you see Web3 and decentralized apps in five years?

    Five years from now, Web3 and decentralized apps will be deeply ingrained in our digital lives, potentially revolutionizing the way we interact with technology, the financial system, and more. However, like any technology prediction, these probabilities are influenced by a variety of factors, so actual evolution may differ from these predictions.

    Anything else you’d like to add related to recent events in the Web3 industry?

    I would like to point out two things.

    • First, we are thrilled by the openness to regulatory engagement in APAC jurisdictions and look forward to continued dialogue on behalf of the Web3 community to support regulators in crafting thoughtful and clear regulations. looking forward to
    • Second, we continue to be excited about the increasing adoption of Web3 technology in the creative industry. For example, the Web3 Foundation recently partnered with Primavera Sound to help educate the music industry about how data ownership through distributed technology is a valuable asset for creators.

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