The Japanese government on Tuesday gave the green light to a new policy that plans to develop and expand the Web3 environment in the country, including the use of cryptocurrencies, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
See related article: Japanese crypto firms team up to form a metaverse association
Fast facts
- The approved measures are part of the “Basic Policy on Economic and Fiscal Management and Reform 2022” and aim to create new value by promoting blockchain and digital assets while allowing users to manage and utilize their own data on a more decentralized and reliable digital platform, according to a local report.
- The government will submit new bills at the ordinary Diet session in 2023 to tap the economic potential in the metaverse.
- Additionally, the country plans to promote its fintech sector by developing a system for raising funds with security tokens, easing the evaluative standards for crypto.
- Prime Minister Fumio Kishida said last month at the House of Representatives that he believes incorporating new digital services such as the metaverse and NFTs will boost Japan’s economy.
- Meanwhile, Japan’s Virtual and Crypto Assets Exchange Association (JVCEA), the local body that governs crypto exchanges, is reportedly discussing methods to eliminate the strict screening process for listing cryptocurrencies following Kishida’s expression of discontent with the current system.
See related article: South Korea and Japan grapple with how to define, and tax, cryptocurrency gains