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Japan is leading the way in NFTs and DAOs with the support of the Prime Minister
This week, Japanese Prime Minister Fumio Kishida confirmed his support for the development of the NFT and DAO markets. Surprisingly, the government official put the spotlight on the blockchain sector during a meeting with Japan’s House of Representatives. His important statements come as the Asian Web3 sector is undoubtedly leading the way on a global scale.
How does Japan’s Prime Minister support NFTs and DAOs?
On February 1, the NFT market was brought to the attention of Japan’s House of Representatives thanks to Prime Minister Fumio Kishida. For starters, he said blockchain technology could innovate Japan’s private and public sectors. In fact, Prime Minister Kishida even mentioned that the Web3 world could lead to a “cool Japan!”
“If you consider DAOs, people interested in the same social issues can form a new community. NFTs can also be used to diversify the income of creators and maintain very loyal fans. Kishida said.
Of course, this is just one of the many examples of Japan embracing blockchain technology. Recently, the country updated its NFT taxation guidelines to ease the process for NFT traders and creators.
How is Japan Embracing the Web3 World?
To begin with, Japan may want to issue a digital version of its national currency, the Yen. Back in November 2022, the central bank revealed that it may start a pilot program for the new cryptocurrency starting this spring.
Meanwhile, Kishida’s cabinet supported the creation of NFTs and airdrops to regional governments that use digital technology solutions. As the NFT market gets back on track after a bear market, Asia is undoubtedly leading the way in innovation.
