Access Alert | Japanese investment in digital transformation will include Metaverse and NFTs

Access Alert | Japanese investment in digital transformation will include Metaverse and NFTs

The Prime Minister of Japan, Fumio Kishida, announced this week that the country will promote efforts to expand the use of Web 3.0 services, including NFTs and the metaverse.

In a wide-ranging speech to the Japanese parliament, Mr. Kishida said that the country would build on its existing use of NFTs, which are currently issued to local authorities as a reward for the successful deployment of digital technology.

Other measures announced in the speech included developing and producing semiconductors in partnership with the United States and proposed reforms to Japan’s technology sector. Mr. Kishida also raised the prospect of digitising national identity cards.

Since taking office in October 2021, Mr. Kishida’s government has already reversed a four-year ban on crypto ATMs and overseen a financial rehabilitation plan for the defunct crypto exchange Mt. Gox after years of legal delays.

Access Partnership is closely monitoring developments in the Web 3.0 and metaverse space. For more information, contact Melissa Govender.

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