Japanese PM Fumio Kishida Promotes Web3, NFT and Metaverse Technology Services

Fumio Kishida, Japanese prime minister. (photo: twitter @kishida230)

JAKARTA - Fumio Kishida, who has served as Prime Minister of Japan since 2021, said the government would make efforts to promote Web3 services. These include technologies that deal with non-exchangeable tokens, or NFTs, and Metaverse.

In an October 3 speech before the National Diet of Japan, Kishida said the government's investment in the country's digital transformation has included issuing NFTs to local authorities using digital technology to solve challenges in their respective jurisdictions.

He also hinted at the digitization of national identity cards. In addition, the prime minister said the cabinet would "promote efforts to expand the use of Web 3.0 services utilizing metaverse and NFT."

Kishida said Japan's technology investment would extend to semiconductor development and production as part of joint efforts with the United States and work on regulatory reforms related to the technology sector.

The current prime minister, who takes office in October 2021, follows former Prime Minister Yoshihide Suga, who suggested he supports a Bitcoin (BTC) transaction tax in Japan.

Cointelegraph reports, during Kishida's time in office, crypto users in Japan have seen a number of developments in the space, from Mt. Gox is moving forward on payment procedures after years of legal delays until the reintroduction of crypto ATMs in the country.

In August, the country's two crypto advocacy groups, the Japan Crypto Asset Business Association and the Japan Crypto Asset Exchange Association, called for a separate 20% tax on crypto income for individual investors, many of whom currently face the crypto tax rate rising to 55%.