Japan aims to be leader in technology Market through Web 3.0.

The country pretend to out-compete gigant companies Google, Meta, Amazon and Microsoft

On March 30, the Liberal Democratic Party’s Digital Society Promotion Headquarters NFT Policy Review PT compiled the ‘NFT White Paper-Japan NFT Strategy with an Eye on the Web 3.0 Era.’

In Japan, many companies are paying more attention to the web 3. The movements emerging in the digital digital world are expanding throughout the technology market, displacing a little the main companies that controlled the markets such as Google, Apple, Amazon, Facebook and Microsoft.

During the year 2020 the size of the NFT market as a whole reached 40 billion yen and currently the government considers that the country has great potential to lead the world of NFT business and web 3.0.

However, Japan’s regulations and current tax system on crypto assets and NFTs are hampering web 3.0 related business. The Liberal Democratic Party believes that Japan is starting to fall behind in the world due to financial regulations and accounting systems that hinder investment and regulations on the issuance of tokens.

For this reason, the Party’s Digital Society Promotion Headquarters started the creation of a NFT policy review book on January 26 of this year.

The book called ‘NFT White Paper-Japan’s NFT Strategy with an eye on Web3.0 era’ is focused on various issues facing Japan for its full foray into the Web 3.0 and its business fields.

For its preparation, eight hearings were held with national and foreign experts and sufficient information was collected to adequately design the required measures.

The objective of this project is to make Japan a world leader, establish the promotion of the NFT business as a pillar of the new capitalist growth strategy, and develop a study and social infrastructure and rules for innovation in collaboration with the United States and countries that actively participate in this digital market.

The project covers a total of 24 problems related to 6 important areas, among which are the formulation of the national strategy and the construction of a promotion system with a view to Web 3, the measures to protect the rights of content owners and of the user, and the necessary measures to protect the social legal assets.

In addition, concerns about the applicability of NFT commercial offenses were highlighted, so the Japanese government task force has now recommended that the government hire a ‘web 3.0 minister’ and take a clear legal position so that banks can invest in projects related to NTFs.