Japan’s new Prime Minister, Shigeru Ishiba, champions blockchain technology and non-fungible tokens (NFTs) to elevate local industries, including food and tourism, on a global scale.
Policy documents from Shigeru Ishiba’s office reveal his commitment to blockchain and web3 technologies as strategic tools to enhance Japan’s regional economies.
Shigeru Ishiba’s Vision for Blockchain and NFTs
Ishiba’s vision for leveraging blockchain and NFTs aligns closely with various crypto industry groups. These groups advocate for the integration of NFTs and Decentralized Autonomous Organizations (DAOs) to rejuvenate rural economies by fostering sustainability and innovation.
“Utilizing blockchain technology, NFTs, and other web3 advancements, we aim to amplify the value of numerous local products, such as food and tourism experiences,” Ishiba declared in his policy document.
The excitement around Ishiba’s policies is palpable on X. Numerous traders and crypto investors interpret Ishiba’s victory in the Liberal Democratic Party’s presidential election as a significant boost to Japan’s crypto landscape. Harry Liu, CEO of Forj, noted, “Ishiba as Japan’s PM is a bullish sign for Japan’s Web3 future!”
Prominent Figures in Ishiba’s Blockchain Agenda
Masaaki Taira, the head of the Liberal Democratic Party’s Web3 task force, is a strong candidate for the role of Minister of Digital Affairs in Ishiba’s government. Taira has proposed plans to enhance Japan’s blockchain adoption by applying local intellectual property laws to NFTs and reforming the tax system to benefit crypto startups.
On September 30, Japan’s Financial Services Agency announced a review of the country’s cryptocurrency regulations. This could potentially lower taxes on crypto income from the current 20%-55% range to rates comparable to other investments like stocks. This regulatory review is a part of a broader effort to enable domestic funds to invest in tokens.
Additionally, Japan’s crypto market is experiencing a resurgence, with trading volumes on centralized exchanges approaching $10 billion monthly, according to CCData. In February, Japan further embraced its blockchain ecosystem by allowing local investment limited partnerships to channel investments into cryptocurrencies, thereby stimulating venture capital involvement in web3 projects.
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