Japan Embraces Crypto for Economic Innovation
Newly elected LDP leader and Japan’s next Prime Minister, Shigeru Ishiba, has announced a series of pro-blockchain and NFT initiatives. This is a bold move signaling Japan's commitment to innovation through technology. The newly introduced policies aim to revitalize the local economy and build a more inclusive digital landscape.
Unlocking Economic Potential Through Blockchain
According to an official policy document from Ishiba’s office, Ishiba spoke about his belief in the transformative potential of blockchain technology and NFTs for bolstering the regional economies of Japan. "Using 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," Ishiba stated. The LDP leader wants to work on restoring the value as well as the visibility of the local products.
This vision resonates with calls from various crypto industry groups seeking the incorporation of NFTs and DAOs (Decentralized Autonomous Organizations) in augmenting rural economies to promote sustainability and innovation.
Call for Tax Reforms to Empower Startups
Masaaki Taira has called for reforms in Japan's tax systems to favor emerging crypto startups. He believes the regulatory system is "outdated and not optimized for modern entrepreneurial ventures." Speaking at a recent web3 conference, Taira noted that, "When [Japanese] startup companies hold and issue tokens that are not as well-known like Bitcoin, accounting firms cannot conduct proper audits. This remains a problem." His observations highlight the need to adapt regulations to better enable expansion.
General Election: A Critical Juncture
Ishiba intends to hold another general election on October 27. These elections are a turning point for the LDP because, apart from some brief interruptions, this party has ruled Japan since 1955. Political commentators predict that the LDP will retain its majority in the lower house, and so Ishiba would face little opposition to his political agenda.
There has been speculation about Masaaki Taira, the former chairman of the Web3 project for the Japanese government, becoming the new Minister for Digital Affairs. Taira is an experienced leader in the digital space, ensuring that Ishiba's bold agenda can be implemented effectively.
Non-regional Areas Without Digital Divides
Ishiba's policy document articulates the vision of "zero digital divides" in regions. He promised to promote "internet resources and digitalization throughout the nation," in hopes of narrowing the gap between the urban city of Tokyo and other regional districts. Helping high-tech startups outside of Tokyo would, in theory, bring out more regional potential and create a better-balanced digital economy.
Asian Nations in the Crypto Landscape
This is not the first time an Asian nation has strategized to improve its visibility in the crypto landscape. Bhutan has stunned the world by declaring that it is the fourth biggest governmental holder of Bitcoin, owning 13,011 BTC amounting to about US$780.49 million.
