Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech on Monday.

See related article: Japan plans new crypto transfer rules to combat money laundering

Fast facts

• Kishida says the country will further its investment in digital transformation and expand the use of Web3 services, according to the Prime Minister’s Office of Japan.

• His speech follows Japan’s growing efforts to utilize blockchain technology — last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues.

• Kishida, who assumed his position in 2021, has designated Web3 development as one of the pillars of economic reform.

• In July this year, Japan’s Ministry of Economy, Trade and Industry formed a “Web 3.0 Policy Promotion Office” to refine the system examining the business environment for blockchain-based firms.

• Japanese authorities are reportedly planning to revise a regulation on criminal fund transfers that mandate crypto exchanges provide user data in crypto transfers by 2023 to prevent money laundering using digital tokens.

See related article: Japanese banking giant Nomura’s crypto unit to be based in Switzerland