Japanese Ruling Party Launches NFT Task Force, Eyes New Growth in the Sector
Japan may be edging toward regulating non-fungible tokens (NFTs) – after the ruling Liberal Democratic Party, which has been in power since 1955, launched an NFT policy task force.
The party stated that the force would be officially named the “NFT Policy Review Project Team” (literal translation) in a Twitter post. It will be tasked with examining blockchain and NFT-related business operations to work in tandem with “the government’s growth strategy.” And the force will hold “discussions” with a view to creating concrete “policy proposals.”
Japan’s crypto sector is already tightly policed, with one of the most closely audited crypto exchange industries in the world. However, regulation surrounding NFTs is thus far virtually non-existent, as is the case in most other regions.
The task force held its first meeting on January 26, the party revealed. It will be chaired by Masaaki Taira, an MP who has served in parliament since 2005.
Taira, CoinPost reported, has “deep knowledge of advanced technology” and was appointed to the NFT-specific post by the former Minister for Digital Transformation Takuya Hirai.
Taira stated that he had “received a large amount of feedback” since revealing his new post and that the number of followers of his Twitter feed “had increased by 10,000” following the news.
Although neither the task force chairman nor the party itself has indicated which direction NFT policy may take, Taira hinted that his approach would be pro-growth and pro-business. A number of high-profile cultural icons and producers have already begun exploring the NFT space in Japan, as have some of the nation’s IT and financial firms.
The government of the country’s new Prime Minister Fumio Kishida has already placed a greater focus than
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