The announcement made by Digital Minister Masaaki Taira at the recent “Taira Forum” has sparked significant changes in Japan’s approach to cryptocurrency and Web3 technology. The dissolution of the Web3 Project Team (Web3PT) has paved the way for the establishment of a new position within the Liberal Democratic Party’s Digital Society Promotion Headquarters, focusing solely on crypto-related matters.
Congressman Akihisa Shiozaki is set to take on this new role after his tenure as an executive director of Web3PT. Despite the disbandment of Web3PT, the government’s commitment to advancing Web3 initiatives remains unwavering. More details about the newly formed Web3 staff are anticipated to be unveiled in the near future.
Representative Taira, who led Web3PT, has been instrumental in shaping Japan’s regulations surrounding cryptocurrency and digital assets. Since assuming the role of Digital Minister, he has been dedicated to accelerating Web3PT’s efforts and keeping up with the latest trends in the industry.
In 2022, Shiozaki advocated for a dedicated minister to oversee Japan’s virtual currency and Web3 policies, a progressive proposal that demonstrated Japan’s forward-thinking approach compared to other countries. Web3PT has had a significant impact on Japan’s regulatory landscape, providing recommendations to former Prime Minister Kishida. The release of the “Web3 White Paper 2024” earlier this year outlined various proposals, including the separate taxation of crypto gains, prompting Japan to revise its corporate tax rules.
The Ministry is actively promoting the use of Decentralized Autonomous Organizations (DAOs), with a focus on providing support measures for these entities. Prime Minister Ishiba has also embraced blockchain and NFTs as key components of his policy agenda, as seen in his proposal to leverage these technologies to stimulate local markets, particularly in the tourism sector.
Overall, Japan’s approach to cryptocurrency and Web3 technology is evolving rapidly, with key players in the government actively working towards creating a conducive environment for innovation and growth in the industry.