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Japan to Invest in Metaverse and NFT Expansion

Japan to Invest in Metaverse and NFT Expansion

Japan to Invest in Metaverse and NFT Expansion

Japanese Prime Minister Fumio Kishida said in a keynote speech on Monday that the country’s plans to invest in digital transformation include non-fungible tokens (NFTs) and metaverse services.

The country continuously encourages investment in digital technologies, including through tax incentives for companies committed to a digital future. Speaking to the Japanese Parliament, Kishida said the country will continue to focus on “supporting the social adoption of digital technology” and “encouraging efforts to expand the use of Web3 services using Metaverse and NFTs.”

Japan’s federal push into Web3 follows a trend of officials rolling out Web3-related services in the country rather than following the typical bureaucratic path that politicians often have to follow. of Economy, Trade and Industry (METI), which focuses on developing guidelines for the country’s gradual blockchain expansion. which Web3 called the “new frontier of the digital economy” and outlined plans to further develop the national strategy for Web3.

METI is also considering a proposal to offer Japanese crypto companies tax breaks in order to entice them to keep their business in the country and further fuel the growing one Web3 industry in the country.

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