Shigeru Ishiba Eyes Blockchain to Elevate Japan’s Local Products on a Global Stage

• Shigeru Ishiba aims to use blockchain and NFTs to raise the global value of Japan’s regional products, including food and tourism.
• Masaaki Taira, likely to join Ishiba’s cabinet, supports policies to enhance Japan’s intellectual property through NFTs and digital reforms.
• Japan’s Financial Services Agency is considering reforms that could reduce taxes on cryptocurrency gains, boosting domestic crypto investments.

Japan’s newly appointed Prime Minister, Shigeru Ishiba, is championing the use of blockchain technology and non-fungible tokens (NFTs) to enhance the global visibility of local products like food and tourism. In policy documents from his office, Ishiba has emphasized his support for web3 technologies, viewing them as vital to revitalizing Japan’s regional economies.

His approach resonates with various crypto industry advocates who see the integration of NFTs and decentralized organizations as an opportunity to promote sustainability and drive innovation in rural areas. In his vision, blockchain will transform Japan’s analog products by maximizing their value for a global audience. Ishiba said that blockchain and NFTs would help bring local offerings like food and tourism experiences to the world stage.

Support for Japan’s Web3 Ecosystem

On social media platform X, Ishiba’s election win has been warmly received by crypto traders and investors. Many believe his policies signal a positive shift for Japan’s blockchain future. Harry Liu, CEO of blockchain company Forj, noted that Ishiba’s appointment is a significant step forward for Japan’s Web3 sector.

Masaaki Taira, the head of the Liberal Democratic Party’s Web3 task force, is expected to play a key role in the new cabinet. He is a leading contender for the Minister of Digital Affairs post under Ishiba’s administration. Taira has previously championed policies to apply intellectual property laws to NFTs, which would enhance Japan’s digital content visibility. He has also proposed reforms to the country’s tax system, intending to promote the growth of crypto startups.

Changes to Japan’s Crypto Regulation Under Consideration

Japan’s Financial Services Agency has been reviewing its cryptocurrency regulations to make them more favorable to investors. The agency may introduce tax reforms that would reduce the tax rate on crypto gains, aligning them with other investment assets like stocks. Currently, tax rates on crypto gains can range from 20% to 55%.

The Japanese government’s focus on crypto-friendly policies comes amid a recovering crypto market. Trading volumes on centralized exchanges have been approaching $10 billion per month, signaling growing investor confidence.

In February, Japan began allowing local investment partnerships to invest in cryptocurrencies. This step was designed to encourage venture capital investments in web3 projects and support Japan’s evolving blockchain ecosystem.