Thursday, May 19, 2022
HomeGovernmentJapanese Government NFT Task Force Recommends a Web3 Minister

Japanese Government NFT Task Force Recommends a Web3 Minister

The Japanese Government’s NFT Task Force has recommended that the government hire a “web 3 minister”. The person would be responsible for their web3 ecosystem activities.

Japanese Government
The Japanese Government is looking to hire a Web3 Minister.

The Japanese Government NFT Task Force

Earlier this year, the current rulers of Japan: the Liberal Democratic Party (LDP), who have ruled the country since 1955, launched an NFT policy task force. They are known as the “NFT Policy Review Project Team”. Masaaki Tarai, LDP MP, is the leader of this group. This group was founded by Takuya Hirai, the former Minister for Digital Transformation.

Japan looks to enhance its movements in the upcoming space. As per a whitepaper that was released by taskforce member, Akihisa Shiozaki, the country must “drive innovation in the web 3.0 era”. The taskforce members feel that the government must view the NFT sector in this context as a “new growth driver”. The paper suggested that a minister should be responsible for web3-related issues.

What about a Web3 Minister?

The requirement for a Web3 Minister was stated in a whitepaper that the NFT task force released previously. This would be a significant step forward in Japan’s efforts within the space.

The Web3 minister would likely work closely with NFT task force members and play a crucial role in their leadership. There are several tasks that the minister could complete in this development. These could include the country’s future development of creating their own NFTs and entering the metaverse. To clarify the rules and regulations in the country.

The Japanese government’s key task is to regulate certain sectors. They believe it is not well-regulated in certain areas. The task force was critical about the fact that Japanese NFT companies appear to be “lagging behind the rest of world.” They are required to navigate many regulations and tax-related obstacles. This could be attributed to the soon to be-hired Web3 minister, who will manage and deal with it.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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