Official Step in Metaverse and NFT from Japan

Japanese Prime Minister Fumiyo Kishida recently announced that Japan’s growth strategy will now incorporate developments in Web3, with a focus on metaverse and NFT (Non-Fungible Tokens) innovations.

The Prime Minister expressed the government’s commitment to fostering a society that readily embraces the creation of new services through advanced digital technologies.

In a speech to the National Diet, Japan’s bicameral national legislature, Prime Minister Kishida highlighted the government’s plan to invest in digital transformation.

This plan includes the issuance of NFTs to local authorities as a part of leveraging digital technology to enhance public services and administrative processes.

Big incentives in the Web 3.0 space

Prime Minister Fumiyo Kishida has stated that the Japanese cabinet will actively support initiatives to expand the use of Web 3.0 services, particularly those utilizing metaverses and NFTs. He also referred to plans for the digital transformation of national identity cards.

Kishida emphasized Japan’s commitment to technological advancement, highlighting the country’s efforts in semiconductor development and production. This initiative is part of a collaborative endeavor with the United States.

The Prime Minister mentioned that his government is focused on creating legislation to regulate the technology industry. He pointed out that institutional reforms have been implemented to foster the development of new services, including infrastructure related to Web3.

Additionally, Prime Minister Kishida is dedicated to exploring new markets and directly financing sectors such as technology, innovation, and startups.

Plan to prevent talented people and start-ups from leaving the country

Prime Minister Kishida’s speech officially signifies Japan’s shift towards relaxing stringent policies. In March, various stakeholders and opposition parties raised concerns about issues such as excessive regulation and restrictive tax laws, which have been a point of contention in recent years.

These concerns particularly focused on the potential for start-up companies in Japan and skilled talent to move abroad due to the unfavorable business environment.

One significant issue has been the movement of crypto businesses from Japan to countries like Singapore and the United Arab Emirates, driven by Japan’s stringent corporate tax policies. This has led to lobbying efforts urging the government to reduce these taxes.

In response, the Japanese government, in August, proposed a more company-friendly crypto tax regime, set to be implemented in 2023. This proposal is a key part of the Prime Minister’s broader plan to revitalize the economy, with a specific emphasis on fostering the growth of Web3 companies.

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