UpdatesSep 10, 2022

Japanese government awards local authorities with non-fungible tokens (NFT)

Japan proves once again that it is a strong supporter of cryptocurrencies.

The Land of the Rising Sun has decided to reward its local authorities with NFT tokens for winning a competition on the use of digitization. The awards were given for the effort put into using new technologies to overcome many challenges related to the performance of work by officials. Non-fungible tokens were issued using the Hazama Base platform. The award ceremony was supported by 4 local technology companies.

Japan rewards public officials with non-fungible tokens

An island state in the Western Pacific has decided to award winners in its national digitization competition with an additional NFT reward. In this way, the Japanese government awarded local government officials who stood out in this competition.

According to a report published by the Japanese media, the Japanese government used non-fungible tokens, which are digital certificates, as complementary prizes at a ceremony to honor the winners. The event was attended by 4 technology companies: IndieSquare, bitFlyer Holdings, TREE Digital Studio and Tomonari Kougei.

The Hazama Base platform was contracted to issue non-fungible tokens. This platform was already used to distribute the NFT during an event organized by the Youth Office of the Liberal Democratic Party. The Summer Digi Denkoshien 2022 awards ceremony honored local government initiatives that have used digital technology to solve local problems.

Willingness to keep cryptocurrency profits in Japan

In August this year, the Japanese Financial Services Agency decided to lower the corporate tax levied on profits from cryptocurrencies, as well as to firmly abandon tax fees for individual stock market investors in order to strengthen its own economy.

The new Japanese administration, led by Fumio Kishida, the leader of the Liberal Democratic Party, is clearly committed to implementing a plan known as "New Capitalism." This plan is to support, among others, the development of cryptocurrency companies (in particular those working on Web3) and the entire digital sector.