Japanese Government Passes Law on NFTs and Metaverse

The Japanese government has passed what should be a landmark policy for Web3. The “Basic Policy on Economic and Fiscal Management and Reform 2022” included sections on blockchain technology, crypto, NFTs and DAOs, with the goal being to expand its use in the country.

In a nutshell:

• The primary goal is to create value and allow users to handle their own data on reliable, decentralized platforms.
• The government also wants to develop a system that would allow fundraising via security tokens.
• The easing of standards would also allow new projects to flourish.

What it means:

• Already a tech-savvy country with plenty of crypto enthusiasts, the bill could give the metaverse and Web3 in Japan a huge shot in the arm. Prime Minister Fumio Kishida has said as much, and it could mean usher in a new age for the metaverse.