Japan’s current rulers, the Liberal Democratic Party (LDP), launched an NFT policy workforce earlier this year. Since 1955, the LDP has ruled the country. ‘ NFT Policy Review Project Team ‘ is their real name. Masaaki Taira, a member of the LDP, is the leader of this organization. It was started by Takuya Hirai, the former Minister of Digital Transformation.
Japan plans to increase its space programs shortly. Japan must “lead innovation in the web 3.0 era,” according to a whitepaper written by taskforce member Akihisa Shiozaki. They think the government should see the NFTsector as a “new growth engine” as a result of this. The letter also emphasized the need of selecting a minister to handle web3-related issues.
A whitepaper issued by the country’s NFT task force earlier suggested the need for a Web3 minister. This would be another big step forward for Japan’s already impressive space ambitions.
The Web3 minister would, presumably, work closely with the NFT task group and be a key part of their management team. The minister may be in charge of a variety of crucial tasks related to the development. These might include future attempts by the government to develop its own NFTs or join the metaverse. In addition, to clarify internal policies and procedures.
As previously said, the Japanese government plays a crucial role in regulating the industry in certain areas. In important places, they feel it is uncontrolled. The task committee was concerned that Japanese NFT companies were currently “lagging” the rest of the world. This is due to the fact that they must navigate the complexity of laws and tax-related stumbling blocks. This might be linked to the management and resolution responsibilities of the soon-to-be-hired Web3 minister.