Japan Intends To Expand Investment Into Metaverse And NFT

In a policy address on Monday, Japan’s Prime Minister Fumio Kishida stated that the country’s intentions for investing in digital transformation include non-fungible tokens (NFT) and metaverse services.

The country has consistently encouraged investment in digital technology, notably through tax breaks for businesses that embrace a digital future.

Kishida stated in his speech to Japan’s parliament that the government will continue to focus on supporting the social deployment of digital technology and encourage efforts to extend the usage of Web3 services that employ the metaverse and NFTs.

Japan‘s federal entrance into Web3 continues a pattern of authorities taking steps to develop Web3-related services in the country rather than through the traditional bureaucratic road that policies must frequently take.

Kishida’s government has formed a Web3 policy office under the Ministry of Economy, Trade, and Industry (METI) to develop regulations for the country’s steady blockchain growth.

In April, a task group established by Kishida’s Liberal Democratic Party and chaired by legislator Akihisa Shiozaki issued an “NFT White Paper” referring to Web3 as the “new frontier of the digital economy” and outlining objectives to develop the national strategy on Web3.

METI is also allegedly considering a plan to grant tax breaks to Japanese crypto firms in order to recruit them.

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