Japan increases investment in NFTs and the Metaverse

Japan’s Prime Minister Fumio Kishida has announced plans to increase investment in NFTs and the Metaverse, aiming to expand the use of Web3 services and achieve digital transformation. 

Japan: Prime Minister promotes investment in the metaverse and NFTs

In Japan, Prime Minister Fumio Kishida gave a speech to parliament announcing his intention to invest in the country’s digital transformation, which includes Web3 services such as NFT and Metaverse. 

🇯🇵 Japan’s Prime Minister says the country plans to invest in #NFTs and #metaverse services.

— Watcher.Guru (@WatcherGuru) October 5, 2022

“Japan’s Prime Minister says the country plans to invest in NFTs and metaverse services.”

The policy speech by Kishida focuses on revitalizing Japan’s economy by dedicating resources to doubling household wealth and supporting and helping the growth of the country’s Web3 enterprises. 

Kishida’s strategy also includes the expansion of NFTs and the metaverse, with the issuance of Non-Fungible Tokens to local authorities using the technology to meet jurisdiction-specific issues.

Japan: NFT and metaverse for the country’s digital transformation

Kishida, in office since 2021, is a strong supporter of Web3 development, evaluating it as one of the pillars of economic reform.  

In addition to the current announcement to strengthen investments for the country’s digital transformation that includes NFTs and metaverse, last summer Kishida had proposed a tax exemption for cryptocurrency-issuing companies.

Not only that, Kishida called for the enhancement of a tax relief program for individual crypto investors as well. 

This is thus a new situation compared to the 30% tax on crypto profits, including unrealized profits, that is in place in Japan. 

Kishida’s proposal has seen support from some local politicians, so much so that it has been suggested that the FSA, Japan’s financial regulator, may decide to make it its own. Also, with the fact that many Japanese crypto companies have long been moving abroad, such as Singapore, the FSA’s decision on the matter could stop this flight. 

NFT prizes for mayors

Recently, Kishida awarded POAP NFTs to all mayors who, through their actions, support the growth and spread of new technologies in the country, including Blockchain. 

Proof of Attendance Protocols, or POAP NFTs, are actual Non-Fungible Tokens that are distributed to people attending tech events. These are digital certificates that replace badges and, precisely, certify attendance at a physical or virtual event. 

Issued on the Ethereum Blockchain, NFT POAPs were awarded as prizes at the 2022 Summer Digi Denkoshien by Hirokazu Matsuno and Prime Minister Kishida. These are awards issued by the highest administrative bodies of the state, and therefore cannot be reissued to the market.