Japan wants to invest more in digital transformation, including Metaverse and NFTs

Japanese Prime Minister Fumio Kishida, who has led the country since 2021, has announced that the government will increase support for Web3, including services related to Non-Fungible Tokens (NFT) and the Metaverse.

As Kishida explained in an address to the Japanese parliament today, October 3, government spending on digital transformation already includes investments in the use of NFTs. In this context, among other things, the identity documents of the Japanese population are to be digitized. All in all, the government cabinet wants to “intensify the use of Web3 services that rely on the Metaverse and NFTs”.

In addition, the government generally wants to invest more in technologies such as semiconductor manufacturing and push reforms to boost the technology industry on the web. The incumbent prime minister, who took office in October 2021, succeeds his predecessor Yoshihide Suga, who had announced a tax on Bitcoin ( BTC ) transactions.

Nonetheless, during Kishida's tenure, some advances were also made for the crypto industry, including the long-awaited withdrawal of crypto assets from former Japanese crypto exchange Mt. Gox and the re-emergence of crypto ATMs in Japan. Meanwhile, in August, two Japanese crypto industry lobby groups called for current taxation on cryptocurrencies to be reduced from 55% to 20%.

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