Shigeru Ishiba reorganizes crypto initiatives to drive innovation and economic growth.
Japan’s Web3 and Crypto Leadership Restructured
Japan’s Prime Minister Shigeru Ishiba has taken decisive steps to reshape the country’s crypto and Web3 policymaking approach. On November 27, Digital Minister Masaaki Taira announced that the Liberal Democratic Party (LDP) will dissolve the existing Web3 Project Team (PT).
#PMinAction: On November 26, 2024, Prime Minister Ishiba held the 14th meeting of the Council on Economic and Fiscal Policy in FY2024 at the Prime Minister’s Office. japan.kantei.go.jp/103/actions/20…
Instead, a specialized unit will be established under the Digital Society Promotion department, with former PT Secretary-General Akihisa Shiozaki at the helm.
Commitment to Blockchain Development
Despite these structural changes, the government reaffirmed its commitment to promoting blockchain, Web3, and crypto-related businesses. The PT, introduced by former Prime Minister Fumio Kishida, played a crucial role in advocating for blockchain adoption.
Kishida had championed the use of blockchain and NFTs, emphasizing their economic potential. Ishiba appears to share these pro-crypto sentiments, including blockchain in his election manifesto as a tool for revitalizing Japan’s regional economies.
Tax Reforms on the Agenda
Taira, a key figure in Japan’s crypto policy evolution, has advocated for overhauling Japan’s crypto tax laws. Under Shiozaki’s leadership, the Web3 PT previously called for immediate tax reform and published white papers on the subject.
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The focus also includes institutionalizing support for decentralized autonomous organizations (DAOs) and fostering Japan’s leadership in Web3 technologies.
Blockchain for Local Revitalization
Prime Minister Ishiba’s government has ambitious plans for blockchain integration in regional development. His manifesto highlights the use of blockchain and NFTs to boost local industries like food and tourism by aligning their value with global market standards.
Crypto Advocates Welcome Leadership Continuity
While the government has yet to define the responsibilities of the reorganized Digital Society Promotion department, crypto advocates remain optimistic. Shiozaki’s continued involvement signals a steady commitment to advancing Japan’s Web3 landscape.
The LDP, which has governed Japan for most of its modern history, continues to position crypto innovation as a cornerstone of its economic strategy.
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