The NFT Taskforce, an alliance of influential crypto-entities based in Japan, has asked the Japanese government to consider appointing a Web3 Minister. The proposal was made as part of the group’s effort towards promoting blockchain and mainstream adoption in Japan.
This article was first published on News.Bitcoin.
A Japanese non-fungible token (NFT) taskforce has recommended the government to consider establishing a government minister to supervise all Web3-related issues in a newly issued white paper.
Building Japan’s NFT Sector’s Support Structure
According to a report, a Japanese NFT policy working team has advised the country’s authorities to consider establishing a Web3 minister. If employed, this person would be in charge of all Web3-related concerns.
In addition, according to a story published by Coinpost, 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 industry in a white paper adopted by a subcommittee on March 30.
The taskforce’s white paper, which was written by a team from Japan’s governing party, not only recommends the construction of “a cross-ministerial consultation desk,” but also addresses the subject of recovering profits earned through the secondary sale of NFTs.
Consumer Protection as a Priority
The white paper allegedly said that the Japanese government should emphasize consumer protection in light of the rising difficulty of unauthorised 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 companies in developing an industry-wide standard.
Meanwhile, although NFTs and Web3 initiatives seem 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 businesses are leaving the nation.
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Do you agree with the suggestions of the Japan NFT taskforce? Leave your thoughts in the comments section below.
Terence Zimwara is a writer who lives in the United States.
Terence Zimwara is a writer who lives in the United States. is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
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