Japan’s Prime Minister Fumio Kishhida made public plans to increase investments in the Metaverse as well as NFTs in a public policy address he delivered prior to Japan’s National Diet on Oct. 3. Kishida declared that the government will keep its efforts to support the utilization of digital technology in society and encourage initiatives to increase the use of Web3 services powered by Metaverse as well as NFT technologies. He also emphasized that the government’s investments in the nation’s digital transformation include issuing NFTs in local jurisdictions that use digital technology to address the issue of jurisdiction.
Japan’s move towards embracing the Web3 future
Kishida has made Web3 advancement one of the key elements of economic revival when he took the office in 2021. The speech he delivered last week marks a new step in the country’s efforts on the future of digital technology by investing in and encouraging companies in the Web3 area.
In September In September, the Japanese government awarded NFTs seven local mayors during the “Summer Digi Denkoshien 2022” ceremony. They used digital technology to address local issues.
In July, the Kishida administration as well as Kishida’s administration and the Ministry of Economy, Trade, and Industry (METI) created the Web3 Policy Promotion Office to integrate Web3-related departments within the ministry. The office collects data from companies from all walks of life, and integrates relevant agencies and ministries to create Web3-related initiatives.
In April the Kishida’s Liberal Democratic Party published an “NFT White Paper” that laid out Japan’s strategy for Web3. It acknowledged the significance of the rich intellectual property Japan owns, including games and animation, as well as the potential for its IP to lead the global NFT along with the Web3 economy. It also provided policy guidelines to protect users and advance an overall national strategy for the Web3 age.
Additionally, there is the fact that the Japanese government plans to implement regulations that will require crypto exchanges to disclose the user’s information to stop criminals from laundering money through cryptocurrency by 2023.