Newly appointed Japanese Prime Minister Shigeru Ishiba wants to use blockchain technology and non-fungible tokens to revalue local assets such as food and tourism on a global scale.
Policy documents from Shigeru Ishiba’s office indicate that the Japanese Prime Minister is pro-blockchain and favors the development of web3 technology to boost the country’s regional economies.
His view resonates with that of several crypto industry groups who desire greater integration of NFTs and decentralized autonomous organizations in scaling rural economies to promote sustainability and innovation.
“Using blockchain technology, NFTs and more, we will seek to maximize the value of a wide range of analogous local products, such as food and tourism experiences,” Ishiba said in his policy document.
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On Forj CEO Harry Liu said on an X post that Ishiba as Prime Minister of Japan is “a bullish sign for Japan’s Web3 future!”
Japan’s new Prime Minister Shigeru Ishiba favors blockchain and NFTs to boost regional economy
A bullish sign for Japan’s Web3 future! pic.twitter.com/ECETjnpMWp
— Harry Liu @ Forj (@harry_forj) October 1, 2024
Moreover, Masaaki Taira, the current head of LDP’s Web3 task force, is a leading contender for the position of Digital Minister in Ishida’s cabinet.
Taira once proposed a plan to connect different experiences and apply Japan’s intellectual property laws to NFTs. He also proposed measures to boost crypto startups by reforming Japan’s tax system.
Recently, on September 30, Japan’s Financial Services Agency plans to overhaul the country’s cryptocurrency regulations, which could result in lower taxes and allow domestic funds to invest in tokens.
The revision could reduce the current tax rate on crypto gains, potentially ranging from 20% to 55%, in line with other investment assets such as stocks. Meanwhile, Japan’s crypto market is recovering, with trading volumes on centralized exchanges approaching $10 billion per month, according to CCData.
In February, Japan took steps to support its blockchain ecosystem by allowing local investment firms to invest in cryptocurrencies, an initiative that encouraged venture capital investments in Web3 projects.
Read more: Japan’s cabinet approves crypto assets for investment by venture capital firms
