Newly appointed Japanese Prime Minister Shigeru Ishiba aims to use blockchain technology and non-fungible tokens (NFTs) to revalue local assets like food and tourism on a global scale.

Pro-Blockchain and Web3 Vision

Policy documents from Shigeru Ishiba’s office indicate that Japan’s PM is pro-blockchain and supports the development of web3 technology to boost the country’s regional economies. His vision aligns with various crypto industry groups that advocate for the integration of NFTs and Decentralized Autonomous Organizations (DAOs) to enhance rural economies and promote sustainability and innovation.

“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 in his policy document.

Positive Reception in the Crypto Community

On social media platforms, many traders and crypto investors view Ishiba’s victory in the Liberal Democratic Party’s presidential election as a positive development for Japan’s crypto ecosystem. CEO of Forj, Harry Liu, commented that Ishiba as Japan’s PM is “a bullish sign for Japan’s Web3 future!”

Key Appointments and Plans

Masaaki Taira, the current chief of LDP’s Web3 task force, is a leading contender for the position of Minister of Digital Affairs in Ishiba’s cabinet. Taira has previously proposed plans to connect diverse experiences and apply Japanese intellectual property laws to NFTs. He also suggested measures to boost crypto startups by reforming Japan’s tax system.

Regulatory Review and Market Recovery

Recently, Japan’s Financial Services Agency announced plans to review the country’s cryptocurrency regulations, which could result in lower taxes and allow domestic funds to invest in tokens. The review could potentially reduce the current tax rate on crypto gains, aligning it with other investment assets like stocks. Meanwhile, Japan’s crypto market is recovering, with trading volumes at centralized exchanges nearing $10 billion per month.

In February, Japan made strides in supporting its blockchain ecosystem by allowing local investment limited partnerships to invest in cryptocurrencies, an initiative that encouraged venture capital investment in web3 projects.

Stay updated with the latest news on Global Crypto News for more insights into Japan’s evolving crypto landscape.

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