After it had been declared that Japan would increase investments in the Metaverse and NFTs, ten Japanese corporations have joined forces to establish a metaverse economic zone.
According to Forkast News, Japanese goliaths Mitsubishi and Fujitsu are among those that signed a contract on February 27 to create an open metaverse infrastructure.
According to the agreement signed on February 16 by ten participating corporations, they will work together to build an open metaverse infrastructure called “Ryugukoku” which will enable a number of services like payments, identity verification, and insurance.
Ryugukoku will “enable interoperability between different Metaverse platforms, as well as collaboration and will serve as a new social infrastructure for enterprises DX (digital transformation) such as information, dissemination, marketing, work style reform for domestic enterprises, marketing, as well as consumer DX and consumer EX ( Experience transformation)”
Earlier plans
When Kishida became prime minister in 2021, he made Web3 development a cornerstone of Japan’s economic revival. Since then, Japan has worked to promote Web3 usage and safety.
On October 10, 2022, the nation increased money laundering fines for all financial organizations and tightened know-your-customer (KYC) regulations for cryptocurrency exchanges.
Japan also began a central bank digital currency (CBDC) pilot program in 2023 and abolished the ban on stablecoins issued by foreign entities in December 2022.
Since early 2022, Japan’s most influential lobbying organizations have pushed lawmakers to reduce tax rates for cryptocurrency enterprises. According to lobbying groups, the present prices significantly slow Web3 adoption by preventing crypto start-ups from establishing themselves in the area.