Fumio Kishida, the Prime Minister of Japan, said on Monday that the country is moving ahead with its plans to increase investments in developing new exciting digital products including non-fungible tokens and metaverse platforms. Interestingly, the country is announcing bigger plans right after South Korea changed its course under its new president Yoon Suk-Yeol whose new policy is to focus on developing the digital economy of the country.
Japan will focus on embracing its future
Kishida was quite passionate in his speech and said that the country is committed to investing in the implementation of various aspects of contemporary digital technology with metaverse games and NFTs being quite important for the continuous evolution of this economic sector. Another important focus was the emphasis on using web3 services and implementing more of them in the digital ecosystem of the country.
Kishida’s administration has been doing work instead of talking. They have a new web3 policy implemented by the Ministry of Economy, Trade, and Industry. The new policy outlines guidelines and frameworks within which the nation will be moving toward a systematic integration of blockchain technologies in its economy, culture, and society.
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The political party helmed by Kishida had web3 as one of the core aspects of their platform. It seems that they continue doing work in this direction.
Another important announcement by the METI was a new proposal to provide special tax exemptions to companies that are working in the web3 sector or developing products that could be integrated into the new digital ecosystem created on the foundation of blockchain technology and web3 concepts.
Japan is not the first to arrive at the party
While it was great to hear that one of the most technologically advanced countries is starting to recognize the benefits of cryptocurrencies and blockchain, it should try to speed up the process to not be left behind with many advanced economies doing more work. Spain, Portugal, Switzerland, and even the conservative UK are leagues ahead of Japan. Even South Korea has a small time advantage as it is moving to crypto adoption at a faster pace.