Japanese bank Sumitomo Mitsui Financial Group (SMBC) has announced it will partner with HashPort to develop Web3 and non-fungible token (NFT) projects.
HashPort is a public utility that helps the movement of digital assets between networks in a secure, cost-effective, and efficient way.
The partnership will establish a “token business lab” focused on experimenting with token businesses such as NFTs.
In March, to further the idea of supporting “the development of the NFT market”, Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG) joined forces with Animoca Brands.
The announcement stated: “In order to energize the NFT market in Japan, it is necessary to develop an NFT environment in which anyone can trade with ease and peace of mind, just as when they make everyday purchases.”
However, a month later, MUFG declared it was closing its blockchain payment venture due to “slow profits”.
The legal status concerning NFTs is still unclear and a potential boom in NFTs in Japan could cause some issues surrounding regulation.
Under Japan’s Civil Code, an ‘object of ownership’ must be a tangible item, which could cause implications with NFTs and crypto assets which are issued and exist as data or digital assets, thus, could not be considered ‘tangible’ under the Civil Code of Japan.
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