Fumio Kishida, Prime Minister of Japan, has stated in a policy speech Monday that the country’s plans for investing in digital transformation include the Metaverse and non-fungible tokens (NFTs) services.
With Japan already ahead of the curve when it comes to technological innovation, the country has been gradually promoting investment in digital technology. One way has been through tax incentives for companies that champion a Web3 future. In his speech to Japan’s parliament, Kishida announced Japan will continue to focus on “supporting the social implementation of digital technology” and will “promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.”
All this comes after Kishida’s administration recently established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI) and April’s new task force launch by Kishida’s Liberal Democratic Party — led by politician Akihisa Shiozaki — who released an “NFT White Paper,” which called Web3 the “the new frontier of the digital economy” and outlined plans to advance the national strategy on Web3.
METI’s attention will be focused on creating policies for the country’s blockchain expansion, which will be developed gradually. The ministry is also investigating whether a proposal to offer tax exemptions to Japanese crypto companies — a move to get them to keep their businesses in Japan, powering Japan’s evolving Web3 sector — is feasible.