A Japanese NFT task force on non-fungible tokens (NFTs) has asked the government to consider hiring a government minister to oversee all Web3-related issues.
Establishing a Support Structure for Japan’s NFT Industry
According to a report, a Japanese NFT policy working team has advised the country’s leaders to consider establishing a Web3 minister. If employed, this person would be in charge of all Web3-related matters.
The government-appointed task team wants Japan to take the lead in the web3 age. As a result, the task force asks Japanese authorities to establish the infrastructure and regulatory framework that would support the country’s NFT sector in a white paper adopted by a subcommittee on March 30.
The task force’s white paper, which was written by a team from Japan’s ruling party, not only recommends the construction of “a cross-ministerial consultation desk,” but also addresses the subject of recovering profits earned from the secondary sale of NFTs.
Consumer Protection as a Priority
The white paper reportedly stated that the Japanese government should emphasize consumer protection in light of the growing difficulty of unauthorized NFT sales or issuance. In terms of the metaverse, the white paper is said to urge the Japanese government to take the lead in assisting businesses in developing an industry-wide standard.
Meanwhile, while NFTs and Web3 initiatives appear to be taking off in other jurisdictions, the paper says that Japan’s heavy 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 Japan’s regulatory environment is the reason why prospective Web3 startups are leaving the nation.
Also Read: Polygon Unveils Web3 Zero-Knowledge Identity Platform
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