Japan to invest in metaverse, NFTs to drive implementation of Web3 services

Japan’s Prime Minister Fumio Kishida announced plans to expand investments into the metaverse and NFTs during a public policy speech delivered before Japan’s National Diet on Oct. 3.

Kishida said that the government will continue its focus on supporting the use of digital technology in society and promote initiatives to expand the implementation of Web3 services powered by the Metaverse and NFT technologies.

He also stressed that the government’s investment in the country’s digital transformation already encompassed issuing NFTs to local authorities using digital technology to solve jurisdictional issues.

Kishida made Web3 development one of the pillars of economic revitalization when he assumed office in 2021. The recent speech marks another stride in the country’s focus on embracing a digital future through investing and promoting players in the Web3 space.

In September, the Japanese government awarded NFTs to seven local mayors at the “Summer Digi Denkoshien 2022” ceremony who utilized digital technology to solve local challenges.

In July, Kishida’s administration and the Ministry of Economy, Trade, and Industry (METI) launched a Web3 Policy Promotion Office to integrate Web3-related departments within the ministry. The team collects data from businesses from all walks of society and incorporates relevant ministries and agencies to develop Web3-related projects.

Kishida’s Liberal Democratic Party published an “NFT White Paper” in April, which outlined Japan’s strategy for Web3. It recognized the importance of the wealth of intellectual property Japan has, such as animation and games, and the potential of its IPs to spearhead the international NFT and Web3 economy. It also included policy recommendations for user protection and advancing a national strategy for the Web3 era.

In addition, the Japanese government is planning on implementing regulations to mandate crypto exchanges to provide user data to prevent criminals from money laundering using cryptocurrency by 2023.