Japanese Prime Minister says Government will Include Emerging Technologies in Digital Transformation

Fumio Kishida says the government will prioritize NFTs and web3 services in digital solutions.

Oct 4, 2022
by Michael
Japanese Prime Minister says Government will Include Emerging Technologies in Digital Transformation
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Government will Promote Web3 and NFTs

Prime minister of Japan, Fumio Kishida, has said the government is taking steps to promote metaverse, NFT and web3 services. The prime minister said this in a speech on October 3, where he said the government is already using NFTs for local authorities using digital technology to solve problems in their territories. He also said the government will digitize national identity cards and ‘promote efforts to expand the use of web3 services that utilize metaverse and NFTs.’

He also said the government would partner with the United States in technological investments to develop semiconductors and reform regulatory sectors in the technology sector. Kishida became the prime minister after Yoshihide Suga, who favored taxing Bitcoin transactions in Japan.

Crypto Activities in Japan

Crypto activities have increased tremendously under Kishida’s tenure. The tenure saw the reintroduction of crypto ATMs in the country and Mt. Gox initiating the repayment procedures after a series of legal delays. In August, there was a call by groups for a 20% separate tax on crypto earnings for investors, which is currently at a rate of 55%. The groups are the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association.

In 2018, Japan launched a self-regulatory agency to checkmate activities in the crypto industry, but the approach appears to be failing. The Japan Virtual Currency Exchange Association (JVCEA) was formed by Japan’s Financial Services Agency (FSA) to regulate activities of local exchanges like BitFlyer, Rakuten Wallet Co, Coincheck, and Japanese subsidiaries of FTX and CoinBase. However, the agency has been unable to kick off activities, especially the Anti-Money Laundering (AML), due to the lack of communication traceable to poor management

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