Japan could soon have a ‘Web3 Minister’ thanks to the Government NFT Task Force

YEREVAN (CoinChapter.com) – Japan could soon become the first nation to have a ‘Web3 Minister.’ The speculations come after a special Government nonfungible token (NFT) task force recommended the ruling party appoint a specialist to the country’s cabinet. The person will oversee Japan’s adaptation to Web3 and Metaverse sector.

Web3 is the term used to describe the kind of internet service built using decentralized blockchains. 

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Why is the Japanese Task Force asking for a Web3 Minister?

In January 2022, the Japanese Government announced the formation of a special NFT Policy Task Force. The Liberal Democratic Party (LDP) appointed one of its lawmakers to lead the task force. MP Masaaki Taira leads the “‘NFT Policy Review Project” team.” The Minister for Digital Transformation, Takuya Hirai, oversees its activities. 

Japan wants to stay ahead of the NFT and Metaverse game. By creating the special task force, the Asian economic giant wants to make sure they do not lag in the race to benefit from Web3. 

According to a Twitter post by LDP MP Akihisa Shiozaki, the Parliamentary Committee has approved their NFT White Paper. Shiozaki is also a member of the task force.

“The task force aims to bring together the wisdom of the public and private sectors to make Japan a driving force for innovation in the Web3.0 era,” 

he wrote.

Encouraging the Government to consider the NFT sector as a “new growth engine,” the paper insisted on the need for a minister who should be in charge of web3-related matters. In addition, the paper also asks for “a cross-ministerial consultation desk.”

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Japan’s NFT Task Force asks for sensible regulations 

As per the resolution passed by the Task Force, the NFT sector in the country continues to be under-regulated. The group wants the Government to look into the matter and make rules for secondary sales in the NFT market. 

The Masaaki Taira-led team also wants the Japanese authorities to allow firms offering escrow services to manage cryptocurrencies. 

Japanese NFT firms face the tough task of navigating through several regulations and tax-related hurdles. Unfortunately, this renders them unable to compete with their global counterparts. 

The task force believes local businesses can make a breakthrough in the Metaverse should the country get a Web3 Minister. Moreover, the development will also confidence investors who want to see safety measures before parting with their cash. 

If the Government approves the recommendation, Japan will become the first country to appoint a full-fledged Web3 minister. Such development will certainly boost the adoption of NFTs, Metaverse, and Web3 in the prosperous island nation.