During a policy speech last Monday, Japan Prime Minister, Fumio Kishida, has set out plans for the country’s digital evolution over the next several years. 

NFTs and the metaverse were of particular interest from the Japanese PM, as Kishida told the country plans to invest in its future due to the mounting global economic struggles that Japan is not exempt from

Japan has displayed a progressive approach to digital technology, having recently implemented NFTs to local authorities.

Kishida announced that the country will focus on “supporting the social implementation of digital technology” whilst promoting efforts to “expand the use of Web3 services to utilise the metaverse and NFTs”. 

Regulations within Japan’s digital sector were also raised by its PM, as Japan’s digital investment efforts expanded to develop semiconductors, used within the tech space, in partnership with the United States to reform regulations of the digital sector. 

Japan has already been putting plans into motion in regards to Web3 and the regulation issues surrounding it. Japanese lawmakers issued a white paper in September which raised questions on tax reform and NFTs. 

Along with the questions raised, the white paper also explored the integration of a potential crypto bill and metaverse-related content in its discussions. 

Since taking office in October 2021, Kishida has overseen several developments on the country’s venture into the crypto space, most recently in August, when the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association, called for a 20% separate tax for crypto earnings which were at 55%.