Japan’s Prime Minister Fumio Kishida said Monday in a speech that the country will expand the use of Web3 services that utilize the Metaverse and NFT.
During the speech, Kishida outlined Japan’s digital transformation plans, which include accelerating public-private investment focused on the fields of science and technology/innovation, among other sectors.
As part of its ongoing digital transformation, the Japanese government is already awarding NFTs to local authorities to reward their work. In September, seven mayors received NFT awards recognizing their ideas related to the digital economy for their cities.
The mayors’ NFTs were issued through Hazama Base, the platform that the Liberal Democratic Party of Japan Youth Office previously used to generate and distribute NFTs. NFT awards are non-transferable and cannot be sold on the secondary market.
Since Kishida took office in October 2021, Japan has taken steps to intensify its efforts in the Web3 market.
The Ministry of Economy, Trade and Industry (METI) has recently set up a Web3 policy promotion office, which will handle business-related issues such as financing, taxation, business entities (vehicles), content, sports, fashion and art on Web3.
The Web3 policy promotion office will strengthen the examination system for business environment issues related to blockchain-based Web 3.0, in cooperation with related ministries and agencies such as the Digital Agency.
In April, Kishida launched a working group led by politician Akihisa Shiozaki, which published an “NFT White Paper” stating that Web3 is “the new frontier of the digital economy” and outlining plans to boost Web3 strategy in Japan.
Kishida’s crypto perspective has spurred investment and cryptocurrency-related moves in the Japanese Web3 market over the past year.
Among the most notable is Japanese blockchain gaming company Double Jump, which recently raised $24 million in funding.
Animoca Brands Japan, a strategic subsidiary of Animoca Brands, raised $45 million from its parent company and Japan’s largest bank, MUFG.
In September, Japanese investment banking giant Nomura launched its crypto unit, Laser Venture Capital, focused on digital assets.
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