In one of the latest white papers released, a task force established in Japanese to look at non-fungible tokens (NFTs) has recommended the appointment of a government minister with a portfolio on Web3. 

Establishing the Support for Japan’s NFT Industry

A policy task force in Japan has told the country’s leadership to consider adding a minister for Web3. All matters relating to Web3 would fall under this docket. 

The report, which was published by Coinpost, said that Japan should play a leading role in the Web3 era. The report that the committee members approved on 30th March calls for the development of a robust infrastructure and a legal framework to anchor the fast-emerging non-fungible token (NFT) sector. 

Other recommendations seen in the report are the need to create a “cross-ministerial consultation desk” and the issue of profits from the sale of NFTs. 

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Consumer Safety should always Come First 

The report appreciates the challenge of unlicensed NFT issuance or sales and emphasizes that the Japanese administration has to prioritize consumer safety. On metaverse, the government is challenged to jump into the front line to assist businesses establish industry-wide standards. 

Although Web3 and NFTs are taking off in many jurisdictions, Japan is lagging, probably because of excessive taxation and regulation policies. Finally, the report indicates that some task force members were convinced the country’s regulatory system is the prime reason more Web3 startups are walking away from Japan.