In the wake of lucrative Web3 projects leaving Japan, the Japanese NFT workforce has decided to request their government regarding appointment of a Web3 minister. The minister’s work will be cut for them, of course. They will be authorized to oversee everything that transpires in the cryptocurrency and NFT sectors.
The taskforce recommended the Japanese government to expatiate on a number of issues currently plaguing the country’s Web3 progress. Some debate that Japan’s strict policies regarding taxation and the lack of a robust framework for regulating digitalized tenders and transactions – could be the obstacle to an otherwise booming crypto industry. The current governing structure of the country’s equivocal laws hinder the growth of profitable startups in the Metaverse as well as the crypto industry.
The white paper issued expressed its desires for Japan to become a dominant force in the growth and development of the said sectors. Shedding light on how their proposal can prove to be remunerative, they have mentioned how sales of such digitalized tokens can be paramount in driving their economy. It also urges the government to show initiative in launching projects that could lead to serve as an example on how digital startups can flourish under the current governance.
Approved by a subcommittee on the 30th of March, the white paper also has the taskforce mentioning that the new “consultation desk” should comprise of ministers across related sectors and should work together to do away with the industry’s challenge of unlicensed tokens being issued and sold. The NFT market in particular, is prone to this breeding issue of unsanctioned non-fungible tokens being floated around, which harms private consumption. It also risks security of traders and a sturdy framework should be in place that safeguards people’s interests.
This definitely sounds like a step in the path to progress. Unlike certain countries who won’t shy away from taxation but refuse to grant legal status to cryptocurrency at the same time. Here’s hoping more countries can come up with a solution like Japan intends to.
