Fumio Kishida, Japan’s prime minister since 2021, has said the government will strive to promote Web3 services, including those related to non-fungible tokens, or NFTs, and the metaverse.
In an October 3 speech to Japan’s National Diet, Kishida said that the government’s investment in the country’s digital transformation already included issuing NFTs to local authorities using digital technology to solve problems in their respective communities. jurisdictions. He also hinted at the digitization of national identity documents. Also, the prime minister said the cabinet “will promote efforts to expand the use of Web 3.0 services using the metaverse and NFTs.”
Kishida said Japan’s technology investments would extend to the development and production of semiconductors as part of a joint effort with the United States and that it would work on reforming regulations related to the technology sector. The current prime minister, who took office in October 2021, followed previous prime minister Yoshihide Suga, who suggested that he was in favor of taxing Bitcoin (BTC) transactions in Japan.
During Kishida’s time in office, Cryptocurrency users in Japan have seen a number of developments in the space, from Mt. Gox moving forward with refund procedures after years of legal delays to the reintroduction of cryptocurrency ATMs in the country.. In August, two of the country’s cryptocurrency advocacy groups, the Japan Cryptocurrency Business Association and the Japan Association of Cryptocurrency Exchanges, called for a separate 20% tax on cryptocurrency earnings for individual investors. – many of them are currently facing a tax rate on cryptocurrencies of up to 55%.
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