In Japan, they are going to open a Web3 ministry and issue NFT-passports.
The prime minister of the country announced that $7 billion will be allocated for development in the field of blockchain from this year.
The country is actively working on reforming laws to simplify the conduct of crypto business.
Fumio Kashida also talked about plans to introduce digital passports in the form of NFTs.
The country is going to exempt local crypto companies from taxes, and for foreigners to reduce the rate from 55% to 20%.
The country already recognizes stablecoins as digital money, and local officials are rewarded with commemorative NFTs for success in their work. In August, seven city mayors have already received commemorative tokens.
NFT-brands can also be added to the portfolio of implemented plans. National Post already sells them for $4 to $20.
The implementation of the government's ambitious plans is complicated by the fact that one of the oldest populations in the world lives in the country. Including because of this indicator, local creators are very ill-informed about the metaverse.