Quick Summary
- Fumio Kishida, Japan’s prime minister, announced plans to expand investments into the metaverse and NFTs during a speech before the Japanese National Diet on Oct. 3.
Related: Metaverse headquarters open for UAE Ministry of Economy
Since taking office in 2021, Japanese Prime Minister Fumio Kishida has made Web3 development a pillar of economic revitalization.
Japan’s innovative plans
Fumio Kishida pledged to expand investments in the metaverse and NFTs. In his public policy speech before Japan’s National Diet on October 3. According to Kishida, the government will promote initiatives to expand the implementation of Web3 services. Using Metaverse and NFT technologies while supporting the use of digital technology in society.
Additionally, he noted that the government’s investment in the country’s digital transformation already involves issuing NFTs to local authorities using digital technology to resolve jurisdictional problems.
Web3’s role in Japan’s future
Upon taking office in 2021, Kishida made Web3 development a pillar of economic revitalization. With the recent speech, the country has taken another step toward embracing a digital future by investing in and promoting Web3 players.
In September, the Japanese government awarded NFTs to seven local mayors at the “Summer Digi Denkoshien 2022” ceremony who utilized digital technology to solve local challenges.
2 months ago, Kishida’s administration and the Ministry of Economy, Trade, and Industry (METI) launched a Web3 Policy Promotion Office to integrate Web3-related departments. In order to develop Web3-related projects, the team collects data from businesses from all walks of life.
NFT White Paper
Kishida’s Liberal Democratic Party published a “NFT White Paper” that outlined Japan’s Web3 strategy. A key theme of the committee’s speech was Japan’s wealth of intellectual property, such as animation and games, which can propel the international NFT and Web3 economy. A national strategy for Web3 was also outlined, along with policy recommendations for user protection.
Conclusion
Furthermore, the Japanese government plans to implement regulations. To require crypto exchanges to provide user data by 2023, so that criminals cannot use cryptocurrency to launder money. It is good that Japan is implementing such a policy and can serve as a model for other countries to follow.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
