{"id":9809,"date":"2022-04-02T03:56:08","date_gmt":"2022-04-02T03:56:08","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/time-to-appoint-a-minister-of-web3-says-nft-policy-making-group-of-japanese-mps\/"},"modified":"2022-04-02T03:56:09","modified_gmt":"2022-04-02T03:56:09","slug":"time-to-appoint-a-minister-of-web3-says-nft-policy-making-group-of-japanese-mps","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/time-to-appoint-a-minister-of-web3-says-nft-policy-making-group-of-japanese-mps\/","title":{"rendered":"Time to Appoint a \u2018Minister of Web3\u2019, Says NFT Policy-making Group of Japanese MPs"},"content":{"rendered":"
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Source: AdobeStock \/ Olivier Le Moal<\/figcaption><\/figure>\n

\u00a0<\/p>\n

The ruling Japanese political party\u2019s new non-fungible token (NFT) task force has recommended that the government appoints a \u201cWeb 3.0 minister.\u201d<\/p>\n

As reported earlier this year, the ruling Liberal Democratic Party (LDP), which has ruled Japan since 1955, launched an NFT policy task force, officially entitled the \u201cNFT Policy Review Project Team\u201d (literal translation). The group is headed by the LDP MP Masaaki Taira, and was created by the former Minister for Digital Transformation Takuya Hirai.<\/p>\n

Per the Japanese media outlet CoinPost and a tweet<\/a> from the LDP MP and taskforce member Akihisa Shiozaki, the group of party members has issued a \u201cwhite paper\u201d that explains that Japan must \u201cdrive innovation in the Web 3.0 era,\u201d and that doing so will require the government to earmark the domestic NFT sector as a new growth engine.<\/p>\n

The paper spells out the need to appoint a minister who would be in charge of Web 3-related matters, as well as \u201ca cross-ministerial consultation desk.\u201d<\/p>\n

Further, the group called on the government to establish a set of rules to police secondary sales in the NFT market and allow for the management of cryptoassets in\u00a0escrow\u00a0services under certain conditions.<\/p>\n

However, the group also appears to feel that the NFT sector is currently under-regulated in certain key areas \u2013 and wants to address this issue.<\/p>\n

As such, the paper also recommends that the government end the unchecked issuance and sale of NFTs, and create a \u201cmechanism for ensuring\u201d the \u201csafety\u201d of investors.<\/p>\n

The whitepaper also made mention of developments in the metaverse, with its authors stating that the government should \u201ctake the initiative\u201d and help Japanese businesses establish global standards in the space.<\/p>\n

The group was critical of the fact that Japanese NFT firms currently appeared to be \u201clagging behind\u201d the rest of the world due to the fact that they are required to navigate a large number of regulations and tax-related hurdles.\u00a0<\/p>\n

In a possible boost for the sector, the group opined that these hurdles were somewhat \u201cexcessive,\u201d and remarked that \u201cpromising startup companies\u201d in the space were choosing to relocate overseas as a result.<\/p>\n

____<\/p>\n

<\/strong>
– Japanese Ruling Party Launches NFT Task Force, Eyes New Growth in the Sector
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