Japan’s Prime Minister, Fumio Kishida, has announced that they are looking to invest in ‘non-fungible tokens’ (NFT) and is considering releasing ‘metaverse services’.
Japan has been working towards the future of digital technology with various tax incentives. The country will also encourage adoption of Web3 services that use metaverses and NFTs.
Japan’s national policy body has created a Web3-related office to facilitate their gradual expansion of the country. This office has been formed in order to facilitate swift changes at a nationwide level.
Websites like Facebook and Youtube are competing with each other for our attention. Current trends in the digital economy includes investing in emerging technologies, especially on the blockchain.
To encourage Japanese crypto companies to keep their business in the country, METI is looking at a plan that would offer tax exemptions – which could help fuel Japan’s growing Web 3 industry.