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Japan’s PM announces NFT and metaverse expansion

Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech on Monday.

See related article: Japan plans new crypto transfer rules to combat money laundering

Fast facts

  • His speech follows Japan’s growing efforts to utilize blockchain technology — last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues.

  • Kishida, who assumed his position in 2021, has designated Web3 development as one of the pillars of economic reform.

See related article: Japanese banking giant Nomura’s crypto unit to be based in Switzerland