In a recently issued white paper, a Japanese commission on non-fungible tokens (NFTs) has urged the government to consider creating a government minister to manage all Web3-related topics.
Developing a Sustaining Structure for Japan’s NFT Sector
According to a report, a Japanese NFT policy working team has advised the country’s leaders to consider establishing a Web3 minister. If hired, this individual would be responsible for all Web3-related matters.
Additionally, according to a Coinpost report, the government-appointed task team stated that it wants Japan to be a leader in the web3 age. As a result, the task force urges Japanese authorities to establish the infrastructure and regulatory framework necessary to support the country’s NFT sector in a white paper adopted by a subcommittee on March 30.
Along with advocating the establishment of a “cross-ministerial consultation desk,” the taskforce’s white paper, which was written by a team from Japan’s ruling party, addresses the subject of reclaiming earnings from the secondary sale of NFTs.
Consumer Protection as a Priority
Concerning the growing threat of unauthorised NFT sales or issuance, the white paper reportedly recommended that the Japanese government prioritise consumer protection. Concerning the metaverse, the white paper reportedly urges the Japanese government to take the lead in assisting businesses in developing an industry-wide standard.
Meanwhile, the paper says that while NFTs and Web3 initiatives appear to be gaining traction in other jurisdictions, Japan’s burdensome laws and taxation policies may be to blame for the country’s lag. According to the study, several members of the task force believe that the country’s regulatory environment is the reason for the departure of prospective Web3 firms.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
