Five months after Japanese Prime Minister Fumio Kishida said Japan would expand investment in the Metaverse and NFTs, 10 Japanese companies, including Japanese giants such as Mitsubishi and Fujitsu, signed an agreement to create a Metaverse special economic zone.
The new Open Metaverse infrastructure will be named “Ryugukoku” and will support a variety of services, including payments, identity verification and insurance.
When Kishida takes office as prime minister in 2021, he sees Web3 development as a pillar of Japan’s economic recovery. Since then, Japan has been working to increase Web3 adoption and ensure security.
In October 2022, the country tightened KYC rules for cryptocurrency exchanges and expanded money laundering penalties to all financial institutions.
Japan also lifted its ban on foreign institutions issuing stablecoins in December 2022 and launched a central bank digital currency (CBDC) pilot program in 2023.
Japan’s foremost lobby group has been pressuring lawmakers to lower tax rates for crypto companies since early 2022. They argue that the current tax rate is not conducive to crypto companies. Cryptocurrency startups are growing while greatly hindering Web3 adoption.
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According to Cryptoslate
