Japan’s crypto stance has softened over the years. It is now known that Japanese Prime Minister Fumio Kishida’s “New Capitalism”vision seeks to boost Japan’s economy. The minister has already pledged to double households’ wealth and offered to support and help the country’s Web3 businesses grow. In the past, Kishida alsostatedthatmetaverseand NFT-related developments will be a part of the nation’s growth strategy going forward.
Now, in a recent policyspeech, Kishida announced plans to expand the use of Web3 services to bring about digital transformation. To do so, the country will scale up investments in NFTs and the Metaverse.
In his speech to Japan’s parliament, Kishida stressed that the government’s investment in Japan’s digital transformation already encompassedissuing NFTs to local authoritiesusing technology to cater to jurisdiction-specific issues.
Here, it is worth noting that in September, the Japanese government became one of the first to issueNFTs as a form of supplementary reward to recognize and acknowledge the efforts put in by local authorities. The Cabinet Secretariatdistributedthe awards during the “Summer Digi Denkoshien 2022” ceremony.
The Prime Minister, in his speech, further hinted at digitizing national identity cards. He also said that Japan will continue “supporting the social implementation of digital technology” and will “promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.”
Kishida has time and again deemed Web3 development to be one of the core factors that will help to reform the economy. A few months back,Japan’s Ministry of Economy, Trade, and Industry formed a ‘Web 3.0 Policy Promotion Office’in an effort to strengthen the framework for developing the business environment in relation to Web 3.0, supporting the said narrative.
Due diligence in play alongside
On one hand, the Japanese government is bent on refining the digital space, on the other, it is simultaneously exercising caution. As reported recently, theJapanese Governmentis looking toput in place some remittance regulations in an effort to stopcriminalsfrom utilizing exchanges to launder money.
The new rules are expected to take effect next spring, likely as early as May 2023. Alongside, Japanhas already implemented the Act on Prevention of Transfer of Criminal Proceeds which prevents criminal funds from being transferred.
