SNEAK PEEK
- The Japanese government will put sincere efforts to promote Web3 services.
- The government’s investment in digital transformation features issuing of NFTs to local authorities through digital services.
- Fumio Kishida has brought significant developments in the country for crypto users.
Japan’s Prime Minister, Fumio Kishida, has said that the government will promote Web3 solutions along with the services that deal with NFTs and the metaverse.
In his speech on October 3, he shared that the investment of the government in the digital transformation of the nation includes issuing non-fungible tokens to local authorities through digital technology so as to fix challenges that are in their jurisdictions. Moreover, he pointed towards national identity cards being digitized. Additionally, he said that the cabinet will give its best efforts to outgrow the utilization of Web 3.0 services that deploy NFTs and the metaverse.
Kishida shared that the technological investments of the country will both develop and produce semiconductors owing to collaborative effort with the U.S. as well as work on reform regulations that are associated with the technology sector.
In Kishida’s presence, crypto users in the country have witnessed a number of developments in the vast and evolving crypto industry. For instance, after years of delay in terms of reintroducing crypto ATMs in Japan, Mt. Gox has finally moved forward on repayment processes.
In August, the Japan Crypto-Asset Exchange Association and the Japan Crypto-Asset Business Association, called for a 20% tax on crypto earnings. Currently, a number of individual investors face up to 5% crypto tax rate.
Last month, Today NFT News reported that local authorities in Japan will now be given NFTs.
