Japan will Invest in Web3 Transformation, Prime Minister Says

Japan’s prime minister since 2021, Fumio Kishida, revealed plans of the government dabbling into Web3 services, including NFTs and the Metaverse.

Addressing Japan’s cabinet, the National Diet, on October 2, Kishida shared

how his government is going to promote Web3 and facilitate the country’s digital transformation. He explained that embracing the digital technology can bring many benefits, for example the digitization of national identity cards. The prime minister said:

“[We will be] promoting efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs.”

Kishida who succeeded former Prime Minister and Bitcoin sceptic, Yoshihide Suga, in October of 2021, also stressed that Japan will invest in the semiconductor industry and that the technology sector will require amended regulations, which are in the works.

Japan is known for being a pro-technology, crypto-friendly country, with the government regulating cryptocurrency as a trading asset.