
Recently released white papers state that a Japanese NFT taskforce asked for the government’s consideration of appointing a minister who would oversee Web3 matters.
Building the Support Structure for Japan’s NFT Sector
A Japanese NFT policy task force has reportedly told the country’s leaders to consider appointing Web3 minister, a report has said. This person would take care of Web3 matters, if hired.
A Coinpost report also stated that the government-appointed taskforce wants Japan to lead the web3 era. Consequently, in a white paper that was approved by a subcommittee on March 30, the task force urges Japanese authorities to develop the infrastructure and the regulatory framework that would support the country’s NFT sector.
In addition to recommending the creation of “a cross-ministerial consultation desk,” the taskforce’s white paper, which was prepared by a team from Japan’s ruling party, also touches on the issue of returning profits garnered from the secondary sale of NFTs.
Prioritizing Consumer Safety
The white paper stated that the Japanese government must prioritize safety for consumers in order to address the increasing problem of NFT sales and issuance without licenses. The white paper, in terms of metaverse, reportedly urges Japan to be the leader in helping industry establish a standard.
Meanwhile, the report suggests that while NFTs and Web3 projects are seemingly taking off in some jurisdictions, Japan’s excessive regulations and taxation policies could be the reason why the country is lagging behind. According to the report, some in the task force are convinced that the country’s regulatory situation is the reason why promising Web3 startups are leaving Japan.
Do you agree with the Japan NFT taskforce’s recommendations? Let us know what you think below in the comments.
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