The Web3 Working Group of the Digital Society Promotion Headquarters of the Liberal Democratic Party of Japan held its second study meeting, focusing on the review of regulations related to cryptoassets (virtual currencies). The meeting discussed the different treatment of crypto assets and traditional securities in regulation, and explored the direction of future regulatory amendments. Participants believed that in addition to investor protection, it is also necessary to take into account the coordination with overseas regulations and the smoothness of transactions. It is recommended to further improve disclosure requirements, market access and behavioral norms. In addition, some experts point out that the existing regulatory framework should be discarded and more detailed regulatory discussions should be conducted based on the characteristics of cryptoassets.