Japan’s PM Reshapes Web3 Policy: New Unit to Lead Crypto Tax Reforms
Japanese Prime Minister Shigeru Ishiba has reorganised his administration’s web3 and crypto policy, and is still supportive of blockchain.
On November 27, Masaaki Taira, Japan’s Digital Minister, announced that the ruling Liberal Democratic Party (LDP) will dissolve the existing web3 Project Team (PT) and create a new unit within the Digital Society Promotion department.
Akihisa Shiozaki, former Secretary-General of the web3 PT, will head the new unit. No details on the responsibilities of this department yet, but officials said they will promote web3 and crypto related businesses.
Former Prime Minister Fumio Kishida who saw blockchain as an engine for the Japanese economy, started many of these policies. Ishiba’s administration will continue this pro-blockchain stance, with a focus on crypto tax reform.
Leadership and Tax Reform Take Center Stage
Masaaki Taira, a key player in Japan’s crypto regulation history, has been pushing for major changes to crypto tax laws. Under his leadership, the web3 PT published white papers calling for “immediate” tax reform to promote DeFi and DAOs.
Shiozaki is known for his institutional focus and has been pushing for Japanese DAOs and local blockchain projects. His X (Twitter) profile was updated after the reshuffle, but web3 policy is still there so he’s still involved in this space.
The reshuffle comes as global attention is shifting to Japan’s overall economic policies. A Bloomberg report highlighted international interest in Japan’s $165 billion property market, Japan is getting more attractive as a financial hub.
Regional Blockchain Projects on the Horizon
Prime Minister Ishiba’s manifesto also mentioned blockchain for regional revitalization. His administration will use blockchain and NFTs to increase the value of local products such as food and tourism experiences and bring them to global market.
LDP has been in power since 1955 and won the election in October. So Japan is committed to blockchain long term and Shiozaki will focus on institutional support for web3.
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