The high-tech county of Japan is known for pushing technology forward, such as robotics. With this in mind, the country’s recent push to invest heavily in The Metaverse is unsurprising.
Despite interest in the West waning, the Japanese government is moving forward with Web3 integration. Considering the downturn in everything regarding this online platform, it will be interesting to see if this take will stand.
Japan supports the metaverse
Prime Minister Fumio Kishida recently said in a policy speech that Japan will be supporting the metaverse and NFTs. Aside from focusing on this online platform and odd digital collectibles, the country will be heavily promoting Web3 development.
The speech from Kishida follows this country’s recent efforts to make use of blockchain technology and digital currencies. Kishida also believes the metaverse and Web3 in general will help with the country’s economic reform.
It seems that the country is getting into this fad quite late as the concept has somewhat bombed recently. Only time will tell if the country’s investment in this will eventually pay off but we think this could be a bad idea.
Tax exemptions for crypto businesses?
Now that Japan sees value in the metaverse and NFTs, the country is working to allow tax exemptions for crypto companies. This is so that the companies don’t attempt to leave for greener pastures, though we aren’t sure how green they are.
Thankfully, the country will seemingly be strict about crypto transferring, making sure user data is legitimate so that there’s no money laundering. Granted, cybercriminals have found ways to bypass that, so here’s hoping that doesn’t happen.