Japan’s crypto stance has softened over the years. It is now known that Japanese Prime Minister Fumio Kishida’s New Capitalism vision seeks to boost Japan’s economy. The minister has already pledged to double households’ wealth and offered to support and help the country’s Web3 businesses grow. In the past, Kishida also stated that metaverse and NFT-related developments will be a part of the nation’s growth strategy going forward.
Now, Kishida has revealed plans to increase the usage of Web3 services to bring about digital transformation in a recent policy speech.
In his speech to Japan’s parliament, Kishida stressed that the government’s investment in Japan’s digital transformation already encompassed issuing NFTs to local authorities using technology to cater to jurisdiction-specific issues.
It is important to note, nevertheless, that the Japanese Government was one of the first to issue NFTs in September as an additional reward for the work done by local authorities. The awards were given out by the Cabinet Secretariat at the Summer Digi Denkoshien 2022 ceremony.
The Prime Minister, in his speech, further hinted at digitizing national identity cards. He also said that Japan will continue supporting the social implementation of digital technology and will promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.
Kishida has time and again deemed Web3 development to be one of the core factors that will help to reform the economy. A few months back, Japan’s Ministry of Economy, Trade, and Industry formed a ‘Web 3.0 Policy Promotion Office’ in an effort to strengthen the framework for developing the business environment in relation to Web 3.0, supporting the said narrative.
On one hand, the Japanese government is bent on refining the digital space, on the other, it is simultaneously exercising caution. As reported recently, the Japanese Government is looking to put in place some remittance regulations in an effort to stop criminals from utilizing exchanges to launder money.
The new rules are expected to take effect next spring, likely as early as May 2023. Alongside, Japan has already implemented the Act on Prevention of Transfer of Criminal Proceeds which prevents criminal funds from being transferred.