This week, Japan’s Prime Minister Fumio Kishida confirmed his support for the NFT and DAO markets development. Surprisingly, the state official put a spotlight on the blockchain sector during a meeting with Japan’s House of Representatives. His important statements come as the Asian Web3 sector is undoubtedly leading the way on a global scale.
How Does Japan’s PM Support NFTs and DAOs?
On February 1st, the NFT market came to the attention of Japan’s House of Representatives thanks to Prime Minister Fumio Kishida. To begin with, he said that blockchain tech might innovate Japan’s private and public sectors. In fact, Prime Minister Kishida even mentioned that the Web3 world might lead to a ‘Cool Japan!’
“If you consider DAOs, people who are interested in the same social issues can form a new community. NFTs can also be used to diversify the income of creators and maintain highly loyal fans,” Kishida said.
Of course, this is just one of the many examples of Japan embracing blockchain technology. Recently, the country updated its NFT taxation guidelines to facilitate the process for NFT traders and creators.
How is Japan Embracing the Web3 World?
To begin with, Japan might be releasing a digital version of its national currency, the Yen. Back in November 2022, the Central Bank revealed it might begin a pilot program for the new cryptocurrency starting this spring.
Meanwhile, Kishida’s cabinet supported NFT creation and airdrops to regional authorities who use digital tech solutions. As the NFT market is getting back on track after a bear market, Asia is undoubtedly leading the path toward innovation.
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