Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech on Monday.
See related article: Japan plans new crypto transfer rules to combat money laundering
Kishida says the country will further its investment in digital transformation and expand the use of Web3 services, according to the Prime Minister’s Office of Japan.
His speech follows Japan’s growing efforts to utilize blockchain technology — last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues.
Kishida, who assumed his position in 2021, has designated Web3 development as one of the pillars of economic reform.
In July this year, Japan’s Ministry of Economy, Trade and Industry formed a “Web 3.0 Policy Promotion Office” to refine the system examining the business environment for blockchain-based firms.
Japanese authorities are reportedly planning to revise a regulation on criminal fund transfers that mandate crypto exchanges provide user data in crypto transfers by 2023 to prevent money laundering using digital tokens.
See related article: Japanese banking giant Nomura’s crypto unit to be based in Switzerland