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NFT and metaverse expansion are announced by the Japanese PM

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.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.