Japan’s PM to Expand NFT & Metaverse in the Country

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Japan’s PM to Expand NFT & Metaverse in the Country
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  • Kishida said the country would expand the use of Web3 services.
  • Japan has decided to strengthen an existing money laundering regulation.

In a policy speech on Monday, Japan’s Prime Minister Fumio Kishida announced his intention to boost developments in Non-fungible tokens (NFTs) and the Metaverse. According to Kishida, the country would increase its investments in digital transformation and expand the use of Web3 services, reported the Japanese Prime Minister’s Office.

Over time, Japan’s position on cryptocurrencies has evolved. Following the “New Capitalism” concept of Japanese Prime Minister Fumio Kishida aims to strengthen Japan’s economy. The Prime minister has already promised to double household wealth and committed to assisting in the expansion of Web3 companies around the country. Also previously Kishida has said that the nation’s future growth strategy will include developments relating to the metaverse and NFT.

The prime minister made additional notes in the statement about digitizing national identification cards. And he added Japan will continue supporting the social implementation of digital technologies. In 2021, Kishida positioned himself in Web3 development, which he considered one of the fundamental elements of economic change.

Japan Stands on Digital World

In July, Japan’s Ministry of Economy, Trade, and Industry established a “Web 3.0 Policy Promotion Office to improve the system analyzing the business environment for blockchain-based companies. Additionally, the University of Tokyo intends to include metaverse-related courses in its curriculum. The university will offer different types of engineering courses that make use of metaverse technology. 

Furthermore, according to the recent announcement, the Japanese government is attempting to implement some regulations regarding remittances to prevent criminals from using exchanges to launder money.

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