World Network WLD/USD has made significant waves in the cryptocurrency market. Thursday witnessed its emergence as one of the biggest gainers, thanks to a pilot feature introduced by the identity verification project. This feature allows users to claim additional tokens, driving the native cryptocurrency, WLD, to spike over 13% and become the second-best-performing cryptocurrency in the last 24 hours.

Unlock Extra Tokens with World Network's Pilot Feature

What Happened

The newly-branded World Network's native cryptocurrency, WLD, saw a remarkable surge. Its trading volume jumped a whopping 145% to around $1.35 billion, boosting the volume-to-market cap ratio to 67%. This surge in buying pressure came after the launch of the "World ID Credentials" feature, aiming to make the network more accessible.World Network announced that this new feature can be added to a person's World ID regardless of whether they have verified their humanness at an Orb. Moreover, using Credentials, World ID holders can claim additional WLD tokens even if their World ID was not validated at an Orb location.The project is set to be rolled out in select countries such as Chile, Colombia, Malaysia, and South Korea.

Why It Matters

Sam Altman, the co-founder of OpenAI, launched the Worldcoin project last year, attracting significant media attention. The project collects people's irises to authenticate their humanness and create a digital ID, making them eligible to receive free WLD tokens. However, it has faced challenges related to personal data protection. The project has been prohibited in Hong Kong, Kenya, and Spain.

Price Action

As of the writing time, Worldcoin was trading at $2.86, with a 13.51% increase in the last 24 hours, according to data from Benzinga Pro. This shows the continued momentum and potential of the cryptocurrency in the market.Image by CryptoFX on Shutterstock.Read Next: Market News and Data brought to you by Benzinga APIs.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

In a significant stride towards enhancing Japan's standing in the digital economy arena, Digital Minister Masaaki Taira has unveiled a comprehensive reorganization of the country's cryptocurrency and Web3 policy framework. This strategic move is set to reshape the landscape of digital asset regulation and innovation in the nation.

Unlock Japan's Digital Potential with Minister Taira's Crypto Reforms

Section 1: The Rationale Behind the Reorganization

The decision to dissolve the Liberal Democratic Party's (LDP) Web3 Project Team and establish a dedicated crypto-focused unit within the Digital Society Promotion Department was driven by the need for a more streamlined and efficient approach. Former Prime Minister Fumio Kishida recognized the potential of blockchain, cryptocurrency, and NFTs as economic growth drivers and championed Web3 as a key pillar of his economic revitalization plan. However, with the change in leadership to Prime Minister Shigeru Ishiba and Digital Minister Taira, a recalibration of strategies became necessary. This reorganization aims to address operational inefficiencies while maintaining the government's commitment to advancing blockchain and cryptocurrency integration.As the former secretary-general of the Web3 Project Team, Akihisa Shiozaki brings extensive experience and expertise to the new crypto unit. His advocacy for separate taxation on crypto gains, as recommended in the influential Web3 White Paper 2024, indicates a continued emphasis on refining regulations to foster innovation while safeguarding investor interests.

Section 2: Evolution of Japan's Web3 Strategy

Under Prime Minister Kishida, Web3 was positioned as a cornerstone of economic revitalization, attracting innovation and investment. The original Web3 Project Team was established with the goal of promoting blockchain and cryptocurrency-related activities. However, with the shift in leadership, there has been a need to align the Web3 strategy with the broader policy objectives of the new administration.Prime Minister Ishiba's administration has prioritized the application of blockchain technologies in sectors like tourism and regional development, as outlined in the Regional Revitalization 2.0 policy manifesto. This reorganization allows for a more focused effort in leveraging blockchain for regional development and economic growth.

Section 3: Policy Implications and Future Directions

Although the full responsibilities of the revamped Digital Society Promotion Department are yet to be defined clearly, the government has made it clear that it intends to promote Web3-related businesses. This includes refining taxation laws to ensure a more favorable environment for startups and investors. Recent revisions to corporate tax rules on crypto gains demonstrate Japan's responsiveness to industry feedback and its commitment to creating a conducive ecosystem.The country is also considering lowering crypto tax rates to a flat rate of 20% in 2025, aligning with the tax treatment of traditional assets such as stocks. This move is expected to attract more investors and stimulate the growth of the crypto industry in Japan. Additionally, addressing scalability concerns and fostering innovation will be key areas of focus in the future.In conclusion, Minister Taira's crypto policy reorganization represents a significant step forward in Japan's digital economy journey. By streamlining the regulatory framework and aligning it with the government's broader goals, Japan is poised to unlock the full potential of blockchain and cryptocurrency and become a leader in the global digital economy.