NFT Taskforce advises Japanese Government to Consider Appointing a Web3 Minister
The NFT Task Force has requested that the Japanese government consider appointing a Web3 Minister. It is noteworthy that the Japanese non-fungible token (NFT) taskforce has recommended the government consider establishing a government minister to supervise all Web3-related issues in a recently released white paper.
Building the Support 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 employed, this person would be in
charge of all Web3-related matters.
In a story published in the Coinpost, the government-appointed task team wants
Japan to take the lead in the Web3 age. In a white paper adopted by a
subcommittee on March 30, the task force strongly recommended that Japanese
authorities establish the infrastructure and regulatory framework that would
support the country's NFT sector.
The white
paper that has been written and submitted by the Task Force is a team, consisting of members from Japan's ruling party. It 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 emphasise consumer
protection in light of the growing difficulty of unauthorised NFT sales or
issuance. While addressing the metaverse issue,
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 argues that Japan's strict laws and high taxation policies may be
related to the country's lagging behind others in the race. 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.
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