{"id":303073,"date":"2023-02-27T16:48:20","date_gmt":"2023-02-27T16:48:20","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=303073"},"modified":"2023-02-27T16:48:20","modified_gmt":"2023-02-27T16:48:20","slug":"japan-follows-up-on-metaverse-investment-plans","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/japan-follows-up-on-metaverse-investment-plans\/","title":{"rendered":"Japan follows up on metaverse investment plans\u00a0"},"content":{"rendered":"

Ten Japanese companies have come together to create a metaverse economic zone five months after Prime Minister Fumio Kishida said<\/a> Japan would expand investments in Metaverse and non-fungible tokens (NFTs).<\/p>\n

Japanese giants like Mitsubishi and Fujitsu are amongst the ones who signed an agreement on Feb. 27 to build an open metaverse infrastructure, according<\/a> to Forkast News.<\/p>\n

The new infrastructure will be named “Ryugukoku” and will support various services, including payments, identity authentication, and insurance.<\/p>\n

Previous plans<\/h2>\n

Kishida made Web3 development a pillar of Japan's economic revitalization when he claimed the role of Prime Minister in 2021. Since then, Japan has made efforts to increase adoption and safety in Web3.<\/p>\n

On October 2022, the country tightened<\/a> know-your-customer (KYC) rules for crypto exchanges and expanded money laundering penalties for all financial institutions.<\/p>\n

Japan also lifted<\/a> the ban on foreign-issued stablecoins on December 2022 and launched<\/a> a central bank digital currency (CBDC) pilot program in 2023.<\/p>\n

Japan's most vital lobbying groups have been pressuring<\/a> lawmakers to lower tax rates for crypto companies since early 2022. Lobbying groups argue that the current rates prevent crypto start-ups from emerging in the region, which considerably halts Web3 adoption.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ten Japanese companies have come together to create a metaverse economic zone five months after Prime Minister Fumio Kishida said Japan would expand investments in Metaverse and non-fungible tokens (NFTs). Japanese giants like Mitsubishi and Fujitsu are amongst the ones who signed an agreement on Feb. 27 to build an open metaverse infrastructure, according to […]<\/p>\n","protected":false},"author":1262,"featured_media":303095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77055,76232],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nJapan follows up on metaverse investment plans\u00a0<\/title>\n<meta name=\"description\" content=\"Japan said it'd expand investments in the metaverse in 2022. 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