In a policy speech on Monday, Japan’s Prime Minister Fumio Kishida announced plans to increase investments in non-fungible tokens (NFTs) and the metaverse.
According to Kishida, the nation will increase its investments in digital transformation and increase the usage of Web3 services, reports the Japanese Prime Minister’s Office.
His address comes in the wake of Japan’s increasing efforts to use blockchain technology; last month, the Japanese government recognized seven mayors with NFTs for their accomplishments in problem-solving using digital technology.
Kishida, who took over in 2021, has named Web3 development as one of the foundational elements of economic change.
To improve the system analyzing the business climate for blockchain-based enterprises, Japan’s Ministry of Economy, Trade, and Industry established a “Web 3.0 Policy Promotion Office” in July of this year.
In order to stop money laundering using digital tokens, Japanese authorities are apparently intending to alter a legislation on criminal financial transfers that requires crypto exchanges to give user details in crypto transfers by 2023.