Fumio Kishida, the prime minister of Japan, on Monday Announced government efforts to promote Web3 services, including blockchain, NFTs, non-fungible tokens (NFTs), and the Metaverse.

The Prime Minister said that Web3-related growth, including metaverse and NFT-related developments, is now part of the country’s growth strategy. He said that the government is interested in creating a society where new services can be created easily.

On October 3, the Prime Minister delivered a speech before the National Diet of Japan (Japan’s bicameral parliament) where he said that the government’s investment in the country’s digital transformation already includes the issuance of NFTs to local authorities using technology. technology to solve challenges in their respective jurisdictions.

In addition to noting the government’s plan to digitize national identity cards, Kishida said the cabinet will promote efforts to expand the use of Web 3.0 services using the metaverse and NFTs.

Kishida said Japan’s technology investments will enhance semiconductor development and production as part of a joint effort with the United States. He said that his government is working on reforming regulations related to the technology sector, as well as carrying out institutional reforms that aim to create an environment that facilitates the creation of new services, including infrastructure related to Web3.

Kishida also plans to create new markets and channel investment into science and technology, innovation, startup investment and the digital sphere.

The Prime Minister’s speech confirmed Japan’s commitment to relax the strict policy. In March, various stakeholders and opposition parties raised concerns that potential start-ups and talent from Japan have moved abroad due to issues such as over-regulation and restrictive tax rules in recent years.

Lobbyists have been calling on the government to relax corporate taxes, as strict taxes have influenced crypto companies to relocate to other countries such as Singapore and the United Arab Emirates.

In August, the Japanese government proposed a business-friendly cryptocurrency tax that would take effect from 2023. The Prime Minister’s plan to modernize the economy has spurring the growth of Web3 companies as a key agenda.

The government’s effort to relax strict regulations appears to be beginning to bear fruit. Late last month, the Binance exchange announced plans to seek re-entry into the local market after failing to do so four years ago due to strict measures.

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