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Japan's Web3 Takeover: Is the Land of The Rising Sun Becoming A Crypto Haven?
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Jul 05, 2023
Quick KEY POINTS
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Japan aims to create a more crypto-friendly environment.
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Tax regulation reforms: Japan is encouraging token issuers and investors.
Japan's governing Liberal Democratic Party's Web3 project team released a white paper outlining recommendations for expanding the nation's Web3 industry, which has become a key part of national strategy under Prime Minister Fumio Kishida's leadership.
As other countries focus on consumer protection regulations, Japan aims to create a more crypto-friendly environment, following firms' departure to other jurisdictions due to high tax burdens.
The Web3 project team has been working around typical bureaucratic procedures to develop regulatory proposals covering non-fungible tokens (NFTs) to decentralized autonomous organizations (DAOs).
"The cryptocurrency industry has been driven by early adopters, but it will shift to mass adoption from now on," said Akihisa Shiozaki, secretary-general of the party's Web3 project team, in an interview with CoinDesk Japan.
It suggests that ministries and agencies support the Japanese Institute of Certified Public Accountants in developing guidelines.
The paper also advises the establishment of a DAO law based on Japan's godo kaisha business structure, and modifications to the Companies Act and Financial Instruments and Exchange Act regulations.
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