Japan announces NFT and metaverse expansion

The government has announced its plans to expand the use of Web 3.0 services.

Japan’s Prime Minister Fumio Kishida has announced the country’s plans for NFT and metaverse expansion.

Kishida divulged Japan’s aims to focus on the digital transformation of the country and further the use of Web 3.0 services, during a policy speech on Monday.

Amid the country's efforts to adapt and utilize blockchain technology, the Japanese government has awarded NFTs to seven mayors in celebration of their achievements in tackling issues and solving them with digital technology.

Since assuming his position in 2021, Kishida has supported the use of Web 3.0 development as a means to boost the economy.

In July, a Web 3.0 Policy Promotion Office was introduced by Japan’s Ministry of Economy, Trade and Industry to “gather information from business operators” including investors, legal professionals and engineers, to “work with the relevant ministries and agencies toward developing the business environment for Web 3.0”.

Japanese authorities are currently looking over its regulation on illicit fund transfers to prevent money laundering using digital tokens.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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