Newly appointed Japanese Prime Minister Shigeru Ishiba aims to use blockchain technology and non-fungible tokens to revalue local assets like food and tourism on a global scale.
Policy documents from Shigeru Ishibaโs office indicate that Japanโs PM is pro-blockchain and in favor of developing web3 technology to boost the countryโs regional economies.
His vision resonates with those of various crypto industry groups that wish for more incorporation of NFTs and Decentralized Autonomous Organizations in augmenting rural economies to promote sustainability and innovation.
โUsing blockchain technology, NFTs, and more, we will look to maximize the value of a multitude of analog local products, such as food and tourism experiences,โ Ishiba stated in his policy document.
On X, many traders and crypto investors see Ishibaโs win in the Liberal Democratic Partyโs presidential election as a win for Japanโs crypto ecosystem as well. CEO of Forj, Harry Liu, said on an X post that Ishiba as Japanโs PM is โa bullish sign for Japanโs Web3 future!โ
Moreover, Masaaki Taira, the current chief of LDPโs Web3 task force is a leading contender for the position of Minister of Digital Affairs in Ishidaโs cabinet.
Taira once proposed a plan to connect diverse experiences and applying Japanese intellectual property laws to NFTs. He also suggested measures to boost crypto startups by reforming Japanโs tax system.
Recently on Sept. 30, Japanโs Financial Services Agency plans to review the countryโs cryptocurrency regulations, which could result in lower taxes and allow domestic funds to invest in tokens.
The review could reduce the current tax rate on crypto gains potentially ranging from 20% to 55% cuts, in accordance with other investment assets like stocks. Meanwhile, Japanโs crypto market is recovering with trading volumes at centralized exchanges nearing $10 billion per month, according to CCData.
In February, Japan took strides in support of its blockchain ecosystem by allowing local investment limited partnerships to invest in cryptocurrencies, an initiative that encouraged venture capital investment in web3 projects.
