Japan’s PM to expand NFT and Metaverse investments
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.