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Japan Joins the Metaverse Race

The Japanese Prime Minister reveals plans to invest in metaverse and NFTs

Fumio Kishida, Prime Minister of Japan has revealed in a policy speech that the country plans to join the likes of Dubai, South Korea and China and invest in digital transformation, covering all aspects metaverse services to NFT and more.

Japan has been regularly promoting digital technology investment including generous tax incentives for companies that wish to take advantage of a digital future. 

Kishida stated in his speech to the country’s parliament, Japan will continuously focus on “supporting the social implementation of digital technology” and will “promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.”

The country’s decision to explore the Web3 and metaverse space follows a trend of officials who took strides to bring about Web3-related services in Japan, neglecting the usual bureaucratic route that such policies are to follow. 

The prime minister’s administration previously established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI), that focuses on forming policies for Japan’s blockchain expansion. 

Kishida’s Liberal Democratic Party launched a task force in April which was led by politician Akihisa Shiozaki. The Party released an “NFT White Paper” which addressed Web3 as “the new frontier of the digital economy” and revealed its plans of advancing the national strategy on Web3.

METI is also reportedly looking into a proposal to offer tax exemptions to the country’s crypto companies that’ll encourage them to keep and continue their business in Japan, which will escalate the country’s growing Web3 industry.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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