Newly appointed Japanese Prime Minister Shigeru Ishiba has expressed his commitment to leveraging blockchain technology and non-fungible tokens (NFTs) to revalue local assets such as food and tourism on a global scale. According to policy documents from his office, Ishiba is a strong proponent of web3 technology and envisions using it to bolster Japan’s regional economies.

Ishiba’s approach aligns with various crypto industry groups advocating for greater incorporation of NFTs and Decentralized Autonomous Organizations (DAOs) to enhance rural economies, promoting innovation and sustainability. His plans include maximizing the value of local products and experiences through blockchain and NFTs.

This shift in Japan’s political leadership is seen by many in the crypto space as a positive development. On X (formerly Twitter), several traders and crypto investors view Ishiba’s rise as a “bullish” signal for Japan’s Web3 ecosystem.

Additionally, Masaaki Taira, the current head of the Liberal Democratic Party’s Web3 task force, is a likely candidate for Minister of Digital Affairs. Taira has previously proposed connecting diverse experiences with NFTs, reforming intellectual property laws, and offering tax reforms to stimulate crypto startups.

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In line with this pro-crypto stance, Japan’s Financial Services Agency (FSA) is currently reviewing its cryptocurrency regulations, with potential tax reductions on crypto gains to match other investment assets like stocks. Japan’s crypto market is on a recovery trajectory, with trading volumes on centralized exchanges nearing $10 billion per month.

These developments underscore Japan’s increasing support for its blockchain ecosystem, as evidenced by the country’s decision earlier in 2024 to allow local investment limited partnerships to invest in cryptocurrencies, further driving venture capital towards web3 projects.

Source: crypto.news

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