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Good morning everyone. It’s my pleasure to be here at FinTech Week once again.
Today, I want to give you an update on the SFC’s views on the Metaverse, non-fungible tokens (NFTs), Web 3.0 and the future of finance. But let me start with a “meta-topical" subject – Japan’s Metabo1 Law.
This law was introduced by the Japanese Government in 2008 with the aim of reducing the waistlines of the middle-age population. Citizens aged 40 to 74 are required to have their waistlines measured every year, and those whose waistlines exceed a certain threshold have to attend mandatory counselling sessions and their employers are fined.
The Metabo Law was not without controversy when it was first introduced. Many in Japan and elsewhere saw this as a private matter and considered the law to be paternalistic if not downright intrusive. But that misses a wider point – the law aimed to reduce the rates of diabetes and cardiovascular diseases, and in turn ease the burden on the country’s public healthcare system. Today, Japan enjoys the lowest level of obesity and the highest life expectancy among developed countries.
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