The inclusion of Web3 technology has been advocated for by the prime minister, Fumio Kishida.
Non-fungible tokens (NFT) and metaverse services are part of Japan’s ambitions to engage in digital transformation, according to Prime Minister Fumio Kishida in a policy address on Monday.
The nation has consistently encouraged investment in digital technology, particularly by offering tax breaks to businesses that embrace a digital future. Kishida stated in his speech to the Japanese parliament that the nation will continue to put its emphasis on “supporting the social deployment of digital technology” and “encourage efforts to extend the usage of Web3 services that leverage the metaverse and NFTs.”
Japan’s federal foray into Web3 continues a trend of officials moving quickly to put Web3-related services in place in the nation instead of taking the usual bureaucratic path that policies frequently take.
A Web3 policy office within the Ministry of Economy, Trade, and Industry (METI) was recently formed by the Kishida government with the goal of formulating regulations for the nation’s progressive adoption of blockchain technology.
The “NFT White Paper,” published in April by a task group established by Kishida’s Liberal Democratic Party and headed by lawmaker Akihisa Shiozaki, referred to Web3 as “the next frontier of the digital economy” and offered strategies for advancing the national Web3 strategy.
According to reports, METI is also considering a plan to exclude Japanese crypto firms from paying taxes in an effort to persuade them to continue operating there and support the country’s expanding Web3 sector.
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