Japan to increase the usage of Web3.0 services

Fumio Kishida, the Prime Minister of Japan, stated in a policy speech on Monday (3rd Oct) that the government’s role in the digital transformation includes issuing NFTs to local authorities.

He continued by pointing out that the nation has consistently encouraged investment in digital technologies, notably by offering tax breaks to businesses that embrace the digital age. Furthermore, the cabinet would support efforts to increase the usage of Web 3.0 services that use the metaverse and non-fungible tokens(NFTs), he declared in his speech to the Japanese parliament.

Kishida, who took over in 2021, has named Web 3 development as one of the foundational elements of economic change. Users of cryptocurrency in Japan have witnessed a lot of advancements throughout Kishida’s term in government. From the return of cryptocurrency ATMs in the nation to MT.Gox pushing on with the refund procedures after years of legal hurdles.

The NFT White Paper, published in April by a task force established by Kishida’s Liberal Democratic Party and headed by lawmaker Akihisa Shiozaki, referred to Web3 as “the next frontier of the digital economy” and offered strategies for advancing the national Web3 strategy. According to a report in August, Japan’s financial services agency (FSA) and the ministry of economy, trade, and industry are considering a tax reform proposal for 2023 that could exempt crypto startups that issue their own tokens from paying taxes on unrealized gains.

The potential tax reduction aims to encourage startups to remain in Japan and further fuel the nation’s growing Web3 industry.

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