Japan to enter into NFT & Metaverse - PM Fumio Kishida

Japan’s Prime Minister Fumio Kishida has made plans to expand investments in non-fungible tokens (NFTs) and the metaverse. 

In a recent speech on Monday, he spoke of plans to work on blockchain use cases like digital identity management and cross-border management.

According to the Prime Minister’s Office of Japan, the country will further invest in digital transformation and expand its use of Web3 services.

Kishida, who became prime minister in 2021, has designated Web3 development as one of the key pillars of his current term in office.

Recently, Japan’s Ministry of Economy, Trade & Industry formed a new office to examine the business environment for blockchain-based companies. 

Japanese authorities are reportedly making preparations to revise an existing regulation that will put more pressure on crypto exchanges to supply user data when criminal funds transfers are conducted in cryptocurrency by 2023. 

This is in an attempt to reduce the risk of money laundering through such transactions.

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