During a policy address on Monday, Japan Prime Minister Fumio Kishida said that the nation’s intentions for investing in digital transformation include non-fungible tokens (NFT) and metaverse services. Kishida made this announcement.

During a speech that Kishida gave on October 3 in front of Japan’s National Diet, he stated that the country’s government’s investment in the digital transformation of the country already included the issuing of NFTs to local authorities that were utilizing digital technology to solve problems in their respective jurisdictions.

In addition to that, he alluded to the possibility of digitizing national identification cards. In addition, the Prime Minister said that the Cabinet will support efforts to broaden the use of Web 3.0 services that make use of non-fungible tokens (NFTs) and the metaverse.

Kashida was alluding to the “Summer Digi Denkoshien 2022” ceremony that took place in September. During this event, seven local mayors were presented with NFTs in recognition of their innovative use of digital technology to address issues confronting their communities.

Kashida, who came into office in 2021 and designated the development of the sector one of the cornerstones of his economic revitalization platform, has made the development of the sector a point of attention that has been emphasized.

The Japanese Ministry of Economy, Trade, and Industry established a “Web 3.0 Policy Promotion Office” in July of this year in order to develop a system that is used to examine the business climate for blockchain-based companies.

In order to create Web3-related initiatives, the office gathers data from enterprises operating in all spheres of society and includes the participation of relevant ministries and agencies.

Japan and the Blockchain Industry

Over the course of time, the Asian country’s attitude toward cryptocurrencies has been more relaxed. It is already common knowledge that the “New Capitalism” idea of Japanese Prime Minister Fumio Kishida is intended to stimulate the country’s economy.

It has been reported that the authorities in the country are currently planning to revise a regulation on criminal fund transfers that requires cryptocurrency exchanges to provide user data in cryptocurrency transfers by the year 2023. The goal of this revision is to prevent money laundering through the use of digital tokens.

In April, Kishida’s Liberal Democratic Party issued a “NFT White Paper” that detailed Japan’s plan for Web3 and was released under the NFT moniker.

It acknowledged the significance of Japan’s vast intellectual property resources, which include animation and video games, as well as the potential for Japan’s IPs to drive growth in the worldwide non-financial and web-based economies. In addition to that, it provided policy suggestions for the protection of users and the development of a national plan for the new technological age.

It has been reported that the METI is investigating the possibility of making a proposal to offer tax exemptions to Japanese crypto companies. The goal of this proposal is to encourage Japanese crypto companies to maintain their operations within the country and contribute further to the expansion of the Web3 industry in the country.

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