Japan to invest in metaverse, NFTs to drive implementation of Web3 services
Japanese Prime Minister Fumio Kishida announced Plans to expand investments in the Metaverse and NFTs were announced in a public policy speech at the Japanese Diet on October 3.
Kishida said the government will continue to focus on supporting the use of digital technology in society and promote initiatives to expand the implementation of Web3 services utilizing the Metaverse and NFT technology.
He also stressed that the government’s investment in the country’s digital transformation already includes issuing NFTs to local governments using digital technology to solve jurisdictional issues. .
When Kishida took office in 2021, he made the development of Web3 one of the pillars of economic revitalization. A recent speech marks another step in the country’s focus on embracing the digital future through investment and promoting players in the Web3 space.
At the ceremony of “Summer Digiden Koshien 2022” held in September, the Japanese government awarded NFTs to the mayors of seven cities that used digital technology to solve local issues.
In July, the Kishida Cabinet and the Ministry of Economy, Trade and Industry launched the “Web3 Policy Promotion Office,” which integrates Web3-related departments within the ministry. This team collects data from companies in all sectors and incorporates relevant ministries to develop his Web3 related projects.
In April, Kishida’s Liberal Democratic Party published the “NFT White Paper” outlining Japan’s strategy for Web3. Recognizing the importance of Japan’s wealth of intellectual property, including anime and games, and the potential for that IP to spearhead her NFT and Web3 economies internationally. It also included policy recommendations for user protection and promoting his Web3-era national strategy.
Additionally, the Japanese government plans to implement regulations requiring cryptocurrency exchanges to provide user data to prevent criminals from laundering cryptocurrencies by 2023.
