Japan’s Prime minister has announced its commitment to expand its NFT and metaverse plans. This announcement is a big step, as the country’s stance on crypto has been complicated recently.
Now that Japan is warming up to crypto, Japanese Prime Minister Fumio Kishida has declared the country’s plans to invest in non-fungible tokens (NFTs) and the Metaverse. According to the announcement, the development is part of the Prime Minister’s “New capitalism” vision to bolster the country’s economy. According to the report, the minister has promised to double the Industry’s wealth, offering his support to help the country’s Web3.0 business to grow.
This is not the first time Kishida has addressed the issue. The Prime Minister is on record declaring the metaverse and NFT-related developments as part of Japan’s growth strategy. Beyond that, there is another policy speech released recently where Prime Minister Kishida announced the Government’s plans to double down on the use of Web3.0 services as a means to achieving the country’s digital transformation strategy.
The achievement of the said goals and objectives would boost Japan’s economy, scaling up the country’s investment in NFTs and the Metaverse.
During a speech delivered in parliament, Kishida insisted that the Government’s stake in the country’s digital transformation already considers the issuance of NFTs to local authorities. According to the minister, this would happen by leveraging technology to address issues with respective jurisdictions.
A September announcement by the Japanese Cabinet Secretariat during the Summer Digi Denkoshien 2022 in an award-giving ceremony stated:
“Japanese government has ranked among the first administrations, and therefore nations, to issue NFTs as a form of supplementary reward in recognition and acknowledgment of the efforts put by local authorities.”
During the speech, the Prime Minister also alluded to plans to digitize national identity cards as part of the nation’s intention to support the social implementation of digital technology. Kishida also said:
“We will promote efforts to expand Web3 services that utilize the metaverse and NFTs.”
Kishida is a Web3.0 Believer
Over time, the Japanese Prime Minister has demonstrated his belief in Web3.0 development as one of the critical enablers in reforming Japan’s economy. In support of Kishida’s narrative, several months have passed since the country’s Ministry of Economy, Trade, and Industry (METI) established a ‘Web3.0 Policy Promotion Office’ that would fortify the framework for developing a Web 3.0- based business environment.
While Prime Minister Kishida’s administration is focused on developing the digital space, he leaves no room for recklessness. According to recent reports, the Japanese Government is exercising caution. Evidence of this is planned to establish remittance regulations to stop criminals from using exchanges for money laundering.
According to the report, these new rules will take effect this spring in May 2023. With that, Japan has already implemented a law to prevent the transfer of criminal funds- the Act on the Prevention of Transfer of Criminal Proceeds. Citing a Twitter post:
“Japan will introduce remittance laws to prevent money laundering using #crypto exchanges.”
METI is also reportedly looking into a proposal to offer tax exemptions to Japanese crypto companies to encourage them to keep their business in the country and further fuel the nation’s growing Web3.0 industry.
