Japan’s PM to expand NFT and Metaverse investments

Japan’s Prime Minister Fumio Kishida said the country will advance its investment and encourage the use of Web3 services in a policy speech delivered on Oct. 3.
October 06, 2022 - Cynthia Chung

Japan’s Prime Minister Fumio Kishida announced that the country will continue to expand NFT and Metaverse investments in a policy speech delivered before on Monday, Oct. 3, 2022. 


In his speech to Japan’s parliament, Kishida said the country will focus on supporting the implementation of digital technology in the society and encourage efforts to expand Web3 services that leverage the Metaverse and NFT technologies.  


Japan has been bullish on Web3 throughout 2022. 


In April, the task force launched to handle NFT policy matters led  by politician Akihisa Shiozaki released an “NFT White Paper outlined plans to drive innovation in the Web3 era.  


In July, Kishida’s administration set up a Web3 Policy Promotion Office under the Ministry of Economy, Trade and Industry (METI) to collect information on different businesses in society and incorporate relevant ministries and agencies to develop Web3 projects. The METI is developing regulations to mandate  crypto exchanges provide user data in crypto transfers by 2023 to prevent money laundering using cryptocurrency and tokens.


In September, the Japanese government awared NFTs to seven local mayors at the ‘Summer Digi Denkoshien 2022’ ceremony for utilizing digital technology to solve local issues.


Photo: 日テレNEWS


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