Japanese PM: Digital transformation investment will include Metaverse, NFTs

By: Micheal Wilson

October 5, 2022 9:33 AM

If you believe what Fumio Kishida has to say, the Japanese government has been investing in digital transformation by giving NFTs to local governments that have adopted digital solutions.

The current prime minister of Japan, Fumio Kishida, has pledged government support for various Web3 services, including those involving NFTs and the Metaverse.

Kishida, speaking in front of Japan's National Diet on October 3, said that the government has already begun issuing NFTs to local authorities who are employing digital technology to address issues within their own jurisdictions. He also alluded to the possibility of computerizing national ID cards. The prime minister also declared that his government would "promote efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs."

Speaking before the Japanese National Diet on October 3, Prime Minister Fumio Kishida. From:  日テレNEWS

Kishida stated that Japan would be working on reforming regulations pertaining to the technology sector in tandem with the United States, and that this effort would include the development and production of semiconductors. After Prime Minister Yoshihide Suga suggested he was in favor of taxing Bitcoin (BTC) transactions in Japan, the current Prime Minister, who took office in October 2021, followed suit.

During Kishida's tenure in office, a number of positive changes have occurred for Japanese cryptocurrency users, such as the reinstatement of cryptocurrency ATMs and the completion of Mt. Gox's repayment procedures following years of legal delays. Individual investors in Japan face a crypto tax rate of up to 55%, but in August, the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association called for a 20% separate tax on crypto earnings.