Japan’s Push for Digital Transformation to Include Metaverse

October 04, 2022

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The Government of Japan’s investment in digital transformation has included issuing metaverse and Non-fungible Tokens (NFTs) to local authorities using digital solutions. According to the Japanese prime minister, Fumio Kishida in an October 3 speech, the government is making necessary efforts to promote Web3.0 services.

Fumio also said the NFTs issued are aimed at helping local authorities to solve challenges using digital technology irrespective of their locations. In addition, the cabinet would also promote efforts to expand the use of Web3.0 services, not excluding NFTs and the Metaverse. Similarly, he also talked about digitizing national identity cards.

Furthermore, Kishida said part of Japan’s technological investments will also extend to developing and producing semiconductors. This will be a joint effort with the US, hence, regulations related to the technology sector will be worked on and reformed.

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Japan’s changing cryptosphere

While Japan has continued to make moves to advance its digital economy, the nation is also making adjustments as regards its regulations and laws.

In this regard, Japan’s financial authority has suggested relaxing corporate tax regulations for crypto assets as well as lowering fees for individual stock investors. Crypto advocacy groups have argued that Japan’s high corporation taxes have made it difficult for companies to set up shop in the country.

Earlier in June it also proposed an amendment to its Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) to confiscate digital currency involved in crime.

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Beyond Japan’s growth, the metaverse enjoys mass adoption

The global NFT ecosystem has continued to witness tremendous growth. Following a surge in trading volumes and adoption, important companies as well as celebrities began to enter the NFT world.

Square Enix CEO, Yosuke Matsuda outlined the company’s plan for blockchain and NFT spheres earlier this year. Yosuke believes this year will be a year of the metaverse and its boom as everyone is gradually embracing the virtual world and its potential to connect people across the world.

Rakuten Group, a renowned Japanese electronic commerce, and the online retailing company announced the launch of its own NFT trading platform, Rakuten NFT earlier in the year. The horizon of NFTs continues to expand and achieve prominence every day, across nations and business organizations.