Japan’s Prime Minister Fumio Kishida has recently expressed the country’s
desire to invest in digital transformation, including non-fungible tokens (NFTs) and metaverse services.
The country has steadily been promoting investment in digital technology, including through tax
incentives for companies that embrace a digital future. In his speech to Japan’s parliament,
Kishida said the country 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.”
Japan’s federal foray into Web3 follows a trend of officials taking strides to implement Web3-related
services in the country – rather than following the typical bureaucratic route that policies must often travel through.
Kishida’s administration recently established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI),
which is focused on creating policies for the country’s gradual blockchain expansion.
In April, a task force launched by Kishida’s Liberal Democratic Party and led by politician Akihisa Shiozaki 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 is also reportedly looking into a proposal to offer tax exemptions to Japanese crypto companies
in order to entice them to keep their business in the country and further fuel the nation’s growing Web3 industry.
It was reported that the current Japanese PM’s administration already launched a Web3 policy office not long ago.
The office was placed under the supervision of the Ministry of Economy, Trade and Industry (METI),
an authority that is dedicated to making policies for the country’s progressive and systematic blockchain expansion.
Meanwhile, as part of the ongoing digital transformation in Japan, the local government has been issuing NFTs to
officials as a reward for their hard work. Just last month, at least seven mayors were awarded with NFTs as
recognition for their ideas related to the digital economy development for their respective cities.