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Japan Announces Plans To Invest In Metaverse And NFTs

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Editing by Nathaniel Cajuday

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. He announced this in his policy speech last Monday, October 3, 2022.

Prior to this announcement, Japan has been promoting investment in digital technology, such as with tax incentives for companies that embrace a digital future. 

Accordingly, Kishida mentioned in his speech to the parliament that Japan will continue to focus on “supporting the social implementation of digital technology.” He added that the country will also “promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.”

Following this, Kishida and his administration recently established a Web3 policy office operating under the Ministry of Economy, Trade, and Industry (METI). The office was focused on creating policies for the country’s gradual blockchain expansion.

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Consequently, METI considers offering tax exemptions to Japanese crypto companies in order to encourage them to continue their business in the country and further boost the nation’s Web3 industry.

Other countries have also been active in venturing into the metaverse. Recently, the New Zealand Ministry of Business, Innovation, and Employment (MBIE) granted the registration of cryptocurrency exchange Binance as a financial service provider. (Read more: Binance New Zealand Now Operational)

Last July, the Bank of Spain granted Binance’s Spanish subsidiary, Moon Tech Spain, S.L., a Virtual Asset Services Provider (VASP) registration. Last May, the crypto exchange secured licenses in France and Italy. (Read more: Binance Secures Regulatory Approval in Spain)

This article is published on BitPinas: Japan Announces Plans To Invest In Metaverse And NFTs

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