In a recently published white paper, a Japanese non-fungible token (NFT) task force asked the government to consider appointing a minister whose job would be to oversee all matters relating to Web3.
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. If hired, this individual would be in charge of all matters relating to Web3.
Additionally, according to a report by Coinpost, the government-appointed task force said it wants Japan to play a leading role in the Web3 era. Therefore, in a white paper approved by a subcommittee on March 30, the task force urges Japanese authorities to develop the infrastructure and 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.
Priority to consumer safety
Regarding the growing challenge of selling or issuing NFTs without a license, the white paper reportedly said that the Japanese government should prioritize consumer safety. Regarding the metaverse, the white paper would implore the Japanese government to take the lead in helping companies establish what would be the industry-wide 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.
