Crypto News

Japan’s New Prime Minister Advocates Blockchain and NFTs to Boost Local Economies

AuthorEzra kaimenyi
Crypto News Author
Fact Checked by Joshua Downes
Last updated: October 01, 2024
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Japan's New Prime Minister Advocates Blockchain to Boost Local Economies

Highlights:

  • Prime Minister Shigeru Ishiba advocates blockchain and NFTs to enhance Japan’s local assets and global economy.
  • Ishiba appoints Web3 advocate Masaaki Taira as Digital Affairs Minister to drive economic revitalization through technology.
  • Japan reviews crypto laws; potential tax cuts from 55% to 20% aim to boost crypto adoption and investment.

Japan’s New Prime Minister advocates blockchain and non-fungible tokens (NFTs) to promote local assets such as food and tourism on a global scale. According to policy documents from his office, Shigeru Ishiba is committed to developing Web3 technologies to strengthen Japan’s regional economies. He aims to revalue local products and experiences by leveraging blockchain and NFTs, aligning their prices with international markets.

Industry Welcomes Ishiba’s NFT Vision and Taira’s Appointment

Ishiba’s plan includes appointing Masaaki Taira, the head of the Liberal Democratic Party’s Web3 task force, as the new Minister of Digital Affairs. Additionally, Taira supports using NFTs to boost Japan’s intellectual property, aligning with Ishiba’s economic goals. The Prime Minister’s advocacy of Blockchain and NFTs echoes the sentiments of many within the crypto industry, who have long advocated for incorporating NFTs to drive innovation in rural areas.

Industry experts and traders on platforms like X have expressed optimism about Ishiba’s leadership. Forj CEO Harry Liu called Ishiba’s appointment a positive step for Japan’s Web3 future.

Japan Revises Crypto Laws to Lower Taxes and Boost Adoption

In addition to Ishiba’s push for technological progress, Japan’s Financial Services Agency is reviewing the country’s cryptocurrency laws. This review began on September 30 and could lead to significant changes, including lower taxes on cryptocurrency profits.

The Japanese government is also addressing investor concerns by planning to reduce the maximum tax rate on crypto transactions from 55% to a flat 20%. This adjustment aims to simplify the taxation process for digital assets and encourage further investment in the sector. 

A study by Bitget projects rapid growth in Japan’s crypto usage, with the number of daily traders expected to rise from 350,000 to around 500,000 by the end of the year. By embracing blockchain and crypto, Japan is becoming a key player in the global digital asset market.

Japan’s role in the global crypto market continues to expand. Remixpoint, a publicly listed Japanese company, recently invested significantly in various cryptocurrencies. The company purchased 64.4 BTC, 130.1 ETH, 2,260.5 SOL, and 12,269.9 AVAX for a total investment of several hundred million yen, demonstrating Japan’s increasing involvement in the digital asset space.

Japan’s PM Pushes Blockchain and NFTs for Economic Growth

Japan’s new Prime Minister advocates blockchain to transform key sectors like tourism, culture, and supply chain management. By integrating NFTs, Japan aims to enhance traveler experiences with digital souvenirs and exclusive content tied to destinations.

He also advocates blockchain in supply chain management, allowing producers to ensure transparency and quality, especially for artisanal products like green tea and ceramics. This technology strengthens consumer confidence and boosts local economies.

Japan is poised for a transformative shift in its approach to digital assets. Japan aims to become a force in the global crypto market by promoting blockchain technology to boost local economies and adopting favorable policies.

Related Articles: