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  • Writer's pictureConnie Chan

Japan To Continue Expansion Into The Metaverse And NFTs

In a continuation of the country’s softening stance towards crypto, Japan’s Prime Minister has announced plans to invest in the Metaverse and NFT expansion.

The Prime Minister made the announcement in a policy speech on Monday, continuing calls for further Web 3.0 integration.

Steady Investment In Digital Technologies

Japan has been steadily promoting investments in digital technologies, using tax incentives to push companies toward these technologies. In the speech, the Prime Minister stated that Japan would continue to support the social implementation of digital technology and promote efforts to expand upon the use of Web 3.0 services that utilize the metaverse and NFTs.

The speech could be viewed as part of the Prime Minister’s “Net Capitalism” vision, which looks to boost the Japanese economy significantly. The Prime Minister also stated that NFT and Metaverse-related developments and advancements would be part of the country’s growth strategy moving forward. The expansion of Web 3.0 services will see Japan significantly scale up investments in NFTs and the Metaverse.

Japan’s Foray Into Web 3.0

Japan’s pivot towards Web 3.0 has seen government officials take significant strides to implement Web 3.0-related services in the country. This differs from the usual complicated bureaucratic route in which policies are usually wound. The administration has already established a Web 3.0 policy office, which operates under the Ministry of Economy, Trade, And Industry (METI). The policy office is in charge of creating policies to help the gradual expansion of the country’s blockchain plans.

Back in April, a task force launched by the ruling Liberal Democratic Party released an NFT whitepaper called Web 3.0, the “new frontier of the digital economy.” The whitepaper also outlined plans to establish a national strategy on Web 3.0.

Critical To The Reformation Of The Economy

In September, the Japanese government became among the first world governments to issue NFTs as a supplementary reward to acknowledge and recognize the efforts of local authorities. The Cabinet Secretariat distributed the awards during the “Summer Digi Denkoshien 2022” ceremony.

In the policy speech, the Prime Minister also hinted at the digitization of national identity cards and added that Japan would continue to “support the social implementation of digital technology” and “promote the expansion of Web 3.0 services that utilize the metaverse and Web 3.0.”

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Fumio Kishida has repeatedly stressed on the importance of Web 3.0, adding that it would play a critical role in reforming the economy.

Still Exercising Caution

While the Japanese government is relatively receptive toward digital technologies, it is also exercising caution. There have been several reports that have stated that the government is looking to put in place remittance regulations. The regulations have been proposed to stop the use of cryptocurrency exchanges by criminals to launder their wealth.

The regulations could come into force as early as May 2023. Japan has also already implemented the Act on Prevention of Transfer of Criminal Proceeds, which will block illicit funds' transfer.

“Japan will introduce remittance laws to prevent money laundering using #crypto exchanges.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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