The Japanese government passed a new policy on Tuesday aimed at building and expanding the nation’s Web3 ecosystem, which includes the use of cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).
The approved measures, according to a local report, are part of the “Basic Policy on Economic and Fiscal Management and Reform 2022,” which aims to create new value by promoting blockchain and digital assets and allowing users to manage and use their data on a more decentralized and trustworthy digital platform.
To maximize the economic potential of the metaverse, the government will adopt new legislation during the 2023 regular Diet session.
In addition, the country plans to enhance its fintech sector by developing a method for collecting money using security tokens, therefore reducing the assessment criteria for cryptocurrencies.
Prime Minister Fumio Kishida said last month in the House of Representatives that he believes embracing new digital services such as the metaverse and NFTs will be beneficial to Japan’s economy.
Following Kishida’s stated discontent with the current system, Japan’s Virtual and Crypto Assets Exchange Association (JVCEA), the local agency that oversees crypto exchanges, is reportedly researching methods to eliminate the burdensome screening process for listing bitcoin.