Time to Appoint a ‘Minister of Web3’, Says NFT Policy-making Group of Japanese MPs

The ruling Japanese political party’s new non-fungible token (NFT) task force has recommended that the government appoints a “Web 3.0 minister.”

As reported earlier this year, the ruling Liberal Democratic Party (LDP), which has ruled Japan since 1955, launched an NFT policy task force, officially entitled the “NFT Policy Review Project Team” (literal translation). The group is headed by the LDP MP Masaaki Taira, and was created by the former Minister for Digital Transformation Takuya Hirai.

Per the Japanese media outlet CoinPost and a tweet from the LDP MP and taskforce member Akihisa Shiozaki, the group of party members has issued a “white paper” that explains that Japan must “drive innovation in the Web 3.0 era,” and that doing so will require the government to earmark the domestic NFT sector as a new growth engine.

The paper spells out the need to appoint a minister who would be in charge of Web 3-related matters, as well as “a cross-ministerial consultation desk.”

Further, the group called on the government to establish a set of rules to police secondary sales in the NFT market and allow for the management of cryptoassets in escrow services under certain conditions.