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 Forkast News.
The new infrastructure will be named “Ryugukoku” and will support various services, including payments, identity authentication, and insurance.
Previous plans
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.
On October 2022, the country tightened know-your-customer (KYC) rules for crypto exchanges and expanded money laundering penalties for all financial institutions.
Japan also lifted the ban on foreign-issued stablecoins on December 2022 and launched a central bank digital currency (CBDC) pilot program in 2023.
Japan’s most vital lobbying groups have been pressuring 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.
