In his speech to Japan’s parliament, Fumio 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.”
The country has continuously promoted investment in digital technology, through a series of tax incentives for companies that play a key role in the future of the digital field.
The move is seen as a big step into Web3 of Japan. Recently, Kishida also established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI), to guide the country’s blockchain expansion policies.
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.
In addition, METI is considering tax exemptions for Japanese crypto-related firms to help those firms maintain business and further promote the burgeoning Web3 industry.
Japan is one of the countries showing concern for cryptos. By the end of 2021, many crypto companies have massively left the country due to draconian tax policies and government officials’ deep interference in stablecoin management. However, Metaverse adoption is still continuously increasing in Japan, from the gathering of many leading industry players to the establishment of The Japan Metaverse Association (JMA) in December 2021, as well as President Fumio Kishida’s positive perspective on the field.
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