The Japanese government approved a new policy on Tuesday that aims to build and grow the country’s Web3 ecosystem, which includes the use of cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).
The approved measures are part of the “Basic Policy on Economic and Fiscal Management and Reform 2022” and aim to create new value by promoting blockchain and digital assets while allowing users to manage and utilize their own data on a more decentralized and reliable digital platform, according to a local report.
To tap the metaverse’s economic potential, the administration will introduce new measures during the ordinary Diet session in 2023.
Japan intends to strengthen its fintech sector by building a way for obtaining funds using security tokens
Thereby simplifying the evaluative standards for cryptocurrency.
Prime Minister Fumio Kishida remarked in the House of Representatives last month that he believes adopting new digital services like the metaverse and NFTs will help Japan’s economy.
Following Kishida’s expressed dissatisfaction with the current system, Japan’s Virtual and Crypto Assets Exchange Association (JVCEA), the local body that regulates crypto exchanges, is apparently discussing ways to abolish the onerous screening procedure for listing cryptocurrency.
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