Japan PM Kishida: Govt’s Digital Investments Include Metaverse and NFTs

• Japan’s plan for digital solutions includes NFTs and metaverse.
• Kishida plans to develop new markets and funnel investment into science and technology, innovation, startup investment, and the digital sphere.

On October 3rd, Fumio Kishida Japans Prime minister announced the government’s efforts to promote web3 services including blockchain, NFT, and the metaverse. Kishida delivered the speech before japans national diet, this is japan’s bicameral parliament.

Web 3.0 is a term used to describe the third iteration of the internet that is powered by blockchain-related technologies like non-fungible tokens (NFTs) and digital assets for creating value and managing data.

Kishida plans to create new markets and bring investments into science and technology, innovation, startup investment, and the digital sphere.

Kishida’s speech comes just weeks after he held a summit with the former Digital Transformation Minister Masaaki Taira, the founder of the party’s NFT taskforce that visited the Prime Minister’s Office, along with another former Digital Transformation Minister, Takuya Hirai. The trio discussed Web3, blockchain-related technology, and NFT policies.

He stated that the japan government embraces digital assets. He hinted the government plans to digitize national identity cards.

During Kishida’s time in office, crypto users in Japan have seen a number of developments in the space, from Mt. Gox moving forward on repayment procedures after years of legal delays to the reintroduction of crypto ATMs in the country.

💥💥Japanese prime minister says gov't investment in digital transformation will include Metaverse, NFTs. #NFT #Metaverse #Web3

— Real (@Im100XReal) October 3, 2022

We will focus on the promotion of Web3 such as blockchain, NFT, and the metaverse. We will realize a society where new services can easily be created.

The office will operate by gathering information about the challenges facing the Web 3.0 business environment in Japan and overseas from stakeholders. The ministry added that the initiative should help in stemming the exodus of Web 3-related businesses from the country.

Meanwhile, Japan’s digital assets industry has continued to struggle with self-regulation and may see the government step in. The Financial Services Authority (FSA), Japan’s financial market regulator, has told the Japan Virtual and Crypto Assets Exchange Association (JVCEA) to amp up its efforts to introduce key regulations.

The JVCEA, which is the body that governs local digital assets exchanges, has already been in talks to shorten the time spent on screening digital assets by easing the screening process.