Expectations are high that the Japanese government will prioritise Web3 growth in its economic objectives following the appointment of a new minister for digital affairs by the country’s Prime Minister.
After Prime Minister Fumio Kishida’s recent ministerial reshuffle, Politician Taro Kono made an announcement on Twitter that he has been appointed to the position by the Prime Minister.
With Kono’s experiences as an ex-tech industry chief and a former Georgetown University alumnus, as well as a relatively strong social media presence and good command of English, it is clear why Kishida nominated him for the role. He formerly served as a Minister of State for Administrative Reform and previously headed the foreign ministry.
While serving as Foreign Minister, Kono held an official meeting and met Vitalik Buterin, Ethereum (ETH) co-founder, and Aya Miyaguchi, Ethereum Foundation’s Executive Director.
In the Liberal Democratic Party (LDP) leadership election race last year, Kono came up just short of a few votes of defeating Kishida — nearly claiming the role of PM.
More recently, he asked his 2.4 million followers on Twitter to make him a virtual avatar that he could use in metaverse spaces.
The government-run Digital Agency — which was established back in 2009 in an effort to digitize government operations — close the technological gap between rural and urban areas, and foster IT-related development, will be headed by Kono.
But in recent months, Kishida and the dominant LDP have expressed optimism toward the growth of Web3. Tokyo appears to be stepping up on its efforts in this field right now, considering that they are now appointing a minister as influential as Kono to spearhead this movement.
Talk of crypto tax reform has been sparked by opposition lawmakers and industry executives warning that top Japanese blockchain and cryptocurrency expertise is leaving the country due to onerous tax rates.
Additionally, during a May visit to the UK, Kishida informed British investors that his government was focusing on developments related to Web3, and mentioned in his speech about both metaverse and nonfungible token-related developments.
It was reported last month that the Ministry of Economy, Trade, and Industry created the new, “a cross-ministerial organization” Web3 Promotional Office.
