With the advent of ChatGPT developed by OpenAI, a trend for generative AI has swept across the globe. In this wave of technological transformation, generative AI has raised several issues including reshaping of business models, trustworthiness, and data sovereignty. In response to these challenges, several countries have introduced development policies, regulatory measures, and usage guidelines. Overall, the policies of these countries tend to focus on mitigating risks while capitalizing on the momentum of generative AI development. This report provides an insight into the impact of generative AI on the industry and the society, looks into its opportunities and challenges, and examines major countries' countermeasures and regulations towards generative AI, such as Japan, Sweden, Italy, and China.