{"id":8730,"date":"2022-02-25T01:27:24","date_gmt":"2022-02-25T01:27:24","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/japanese-ruling-party-launches-nft-task-force-eyes-new-growth-in-the-sector\/"},"modified":"2022-02-25T01:27:26","modified_gmt":"2022-02-25T01:27:26","slug":"japanese-ruling-party-launches-nft-task-force-eyes-new-growth-in-the-sector","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/japanese-ruling-party-launches-nft-task-force-eyes-new-growth-in-the-sector\/","title":{"rendered":"Japanese Ruling Party Launches NFT Task Force, Eyes New Growth in the Sector"},"content":{"rendered":"
\n
A meeting of the Liberal Democratic Party\u2019s NFT Policy Review Project Team.\u00a0
Source: TAIRAMASAAKI \/ Twitter<\/figcaption><\/figure>\n

\u00a0<\/p>\n

Japan may be edging toward regulating non-fungible tokens (NFTs) \u2013 after the ruling Liberal Democratic Party, which has been in power since 1955, launched an NFT policy task force.<\/p>\n

The party stated that the force would be officially named the \u201cNFT Policy Review Project Team\u201d (literal translation) in a Twitter post<\/a>. It will be tasked with examining blockchain and NFT-related business operations to work in tandem with \u201cthe government\u2019s growth strategy.\u201d And the force will hold \u201cdiscussions\u201d with a view to creating concrete \u201cpolicy proposals.\u201d<\/p>\n

Japan\u2019s crypto sector is already tightly policed, with one of the most closely audited crypto exchange industries in the world. However, regulation surrounding NFTs is thus far virtually non-existent, as is the case in most other regions.<\/p>\n

The task force held its first meeting on January 26, the party revealed. It will be chaired by Masaaki Taira, an MP who has served in parliament since 2005.<\/p>\n

Taira, CoinPost reported, has \u201cdeep knowledge of advanced technology\u201d and was appointed to the NFT-specific post by the former Minister for Digital Transformation Takuya Hirai.<\/p>\n

Taira stated that he had \u201creceived a large amount of feedback\u201d since revealing his new post and that the number of followers of his Twitter feed \u201chad increased by 10,000\u201d following the news.<\/p>\n

Although neither the task force chairman nor the party itself has indicated which direction NFT policy may take, Taira hinted that his approach would be pro-growth and pro-business. A number of high-profile cultural icons and producers have already begun exploring the NFT space in Japan, as have some of the nation\u2019s IT and financial firms.<\/p>\n

The government of the country\u2019s new Prime Minister Fumio Kishida has already placed a greater focus than ever on digitalization and is set to embark on a \u201cnational growth strategy\u201d later this year \u2013 with blockchain and NFTs possibly playing a key role.<\/p>\n

Taira hinted, though, that NFT-specific policy might be hard to formulate \u2013 and that a wider look at blockchain and crypto-related regulations may be required. He was quoted as opining:<\/p>\n

\n

\u201cNFTs are not a closed ecosystem. [Cryptoassets] are used to make [NFT] payments, so I think that it will not be possible to form an overall and consistent [policy] without looking at the entire blockchain space.\u201d<\/p>\n<\/blockquote>\n

He also explained that if Japan were to fall behind in the metaverse race, \u201chigh-quality\u201d developers and engineers could be tempted to move abroad to work on international projects.<\/p>\n

The chairman added:<\/p>\n

\n

\u201cIt would be a mistake to only look at NFTs. It is important to think about the ecosystem based on [cryptoassets] and blockchain.\u00a0This is a very difficult task. It is not easy to put a horizontal axis on existing \u2018vertical regulation\u2019.\u201d<\/p>\n<\/blockquote>\n

____<\/p>\n

<\/strong>
– Japanese Tax Body Updates Crypto Guidelines for Staking and Lending, but Not NFTs
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– NFTs in 2022: From Word of the Year to Mainstream Adoption & New Use Cases
– \u2018Broader Range\u2019 of Institutions Seeking Crypto Exposure Beyond Just Bitcoin – Coinbase<\/p>\n<\/p><\/div>\n