The Japanese government on Tuesday approved a new strategy to promote and grow the Web3 ecosystem, encompassing cryptocurrencies, NFTs, and decentralized autonomous organizations (DAOs).
According to a local report, the approved measures are part of the “Basic Policy on Economic and Fiscal Management and Reform 2022,” which aims to create new value by promoting blockchain and digital assets and allowing users to manage and use their own data on a more decentralized and reliable digital platform.
To tap the metaverse’s economic potential, the administration will introduce new measures during the ordinary Diet session in 2023
Furthermore, the country intends to strengthen its fintech sector by building a way for obtaining funds using security tokens, thereby simplifying the evaluative standards for cryptocurrency.
Prime Minister Fumio Kishida remarked in the House of Representatives last month that he believes adopting new digital services like the metaverse and NFTs will help Japan’s economy.
Following Kishida’s expressed dissatisfaction with the current system, Japan’s Virtual and Crypto Assets Exchange Association (JVCEA), the local body that regulates crypto exchanges, is apparently discussing ways to abolish the onerous screening procedure for listing cryptocurrency.
