Japanese government NFT task force recommends a Web3 minister

Japan is set to become the first nation to have a Web3 minister, who will be responsible for dealing with Japan’s involvement within the Web3 and Metaverse ecosystems. Speculations came after the ruling political group in Japan since 1955 -  the Liberal Democratic Party (LDP), who  launched an NFT policy task force with the official title “NFT Policy Review Project Team” (direct translation) led by LDP MP Masaaki Taira, and was founded  by erstwhile Minister for Digital Transformation Takuya Hirai.

According to a whitepaper published by task force member Akihisa Shozaki, the country must “push innovation in the web 3.0 era.”

“The task force aims to bring together the wisdom of the public and private sectors to make Japan a driving force for innovation in the Web3.0 era,” wrote Shozaki. The whitepaper also stated the necessity of appointing a minister to oversee Web3 and metaverse related issues and encouraged the government to view the NFT industry as a “new growth” engine. As well as to create “a cross-ministerial consultation desk.”

What will the Web3 minister do? 

As per the previously released whitepaper by the NFT task force, the Web3 minister would work closely with the task force as a major member in their leadership team.

The job includes the country’s future developments in the Web3 and metaverse such as developing their own NFTs and joining the metaverse. Norms and regulations in the space and internal procedures and processes will also need to be specified.  

NFT Task Force asks for regulations

NFT Task Force raises concerns on the unregulated nature of the NFT marketplace and wants to address this issue apart from appointing a Web3 minister. And that complex laws and tax-related hurdles are causing “promising startup companies” in the space to choose to relocate overseas and causing Japan to “lag” behind in the global NFT scene. Hence, it urged the government to look into the secondary sales in the NFT marketplace and establish rules within it. In addition, 

The team also recommended the government to allow firms offering escrow services to manage cryptocurrencies under certain conditions.

The above issues will also presumably become the management and responsibilities of the Web3 minister. 

The task force believes that local businesses can benefit from the appointment of a Web3 Minister and give confidence to investors who wish to have the protection of safety measures for their investments. If the Japanese government approves the recommendation, their country will become the first to appoint a Web3 minister and help usher in the golden era of NFTs, Metaverse and Web3 into Japan.

Photo: Colliers