In a joint effort, several Japanese tech and finance leaders have signed a document establishing the Japan Metaverse Economic Zone, a multipurpose virtual universe based on Ryugukoku. Through the virtual world, companies will be able to share their technology with users, who will be able to wander this role-playing game-like world as online avatars.

As part of the agreement, in addition to establishing the Japan Metaverse Economic Zone, Japan plans to build an open metaverse infrastructure called Ryugukoku, which will lead to the next phase of metaverse development.

Through this open metaverse infrastructure, users and developers will be able to create interoperable tools across different platforms. Additionally, it will serve as a new social infrastructure for digital transformation in enterprises.

To create Ryugukoku, companies that have signed the agreement will integrate their "respective technologies and services".

Information and communication technologies, gamification, and fintech all fall into this category.

Consumers in Japan will be able to access different metaverse services and platforms through the Japan Metaverse Economic Zone which will be an ecosystem.

Offering this infrastructure to companies and government organizations outside of Japan is also included in the agreement's future possibility. A number of Japanese businesses Fujitsu, Mitsubishi, and TBT Lab engaged with this agreement. Financial technology has been a focus of Japanese regulators. According to the country's prime minister, decentralized autonomous organizations (DAOs) and nonfungible tokens (NFTs) support the "Cool Japan" strategy.

DAOs have been explored as governance tools since November 2022, when Japan's Digital Agency launched its own DAO. By May 2023, the Bank of Japan plans to launch its official central bank digital currency pilot program.