NFT Taskforce Asks Japanese Government to Consider Appointing Web3 Minister

In a recently released white paper, a Japanese non-fungible token (NFT) taskforce has asked the government to consider appointing a government minister whose job it would be to oversee all matters relating to Web3.

Building the Support Structure for Japan’s NFT Sector

A Japanese NFT policy task force has reportedly told the country’s leaders to consider appointing Web3 minister, a report has said. If hired, this individual would be in charge of all matters relating to Web3.

Also, as per a report published by Coinpost, the government-appointed task force said it wants Japan to play a leading role in the web3 era. Consequently, in a white paper that was approved by a subcommittee on March 30, the task force urges Japanese authorities to develop the infrastructure and the regulatory framework that would support the country’s NFT sector.

In addition to recommending the creation of “a cross-ministerial consultation desk,” the taskforce’s white paper, which was prepared by a team from Japan’s ruling party, also touches on the issue of returning profits garnered from the secondary sale of NFTs.

Prioritizing Consumer Safety

Concerning the growing challenge of unlicensed NFT sales or issuance, the white paper reportedly said the Japanese government should prioritize consumer safety. In terms of the metaverse, the white paper reportedly implores the Japanese government to take the lead in helping businesses establish what would be the industry-wide standard.

Meanwhile, the report suggests that while NFTs and Web3 projects are seemingly taking off in some jurisdictions, Japan’s excessive regulations and taxation policies could be the reason why the country is lagging behind. According to the report, some in the task force are convinced that the country’s regulatory situation is the reason why promising Web3 startups are leaving Japan.