Japan’s new PM Shigeru Ishiba champions blockchain and NFT in policy document

Newly appointed Japanese Prime Minister Shigeru Ishiba aims to use blockchain technology and non-fungible tokens to repurpose local assets such as food and tourism on a global scale.

Policy documents from Shigeru Ishiba’s office show that the Japanese Prime Minister is pro-blockchain and favors the development of web3 technology to support the country’s regional economies.

His vision aligns with those of various crypto industry groups that call for greater inclusion of NFTs and Decentralized Autonomous Organizations in strengthening rural economies to promote sustainability and innovation.

“We will seek to maximize the value of many analog local products, such as food and tourism experiences, using blockchain technology, NFTs and more,” Ishiba said in the policy document.

Many traders and crypto investors in X think that Ishiba’s victory in the Liberal Democratic Party’s presidential election is also a win for Japan’s crypto ecosystem. Harry Liu, Forj’s CEO, said in an X post that Ishiba’s appointment as Prime Minister of Japan is a “bullish sign for Japan’s Web3 future!”

Japan’s new Prime Minister Shigeru Ishiba supports blockchain and NFTs to strengthen the regional economy 🇯🇵

A bullish sign for Japan’s Web3 future! pic.twitter.com/ECETjnpMWp

— Harry Liu @ Forj (@harry_forj) October 1, 2024

Moreover, Masaaki Taira, the current chief of the LDP’s Web3 task force, is a leading candidate for the Minister of Digital Affairs position in Ishida’s cabinet.

Taira once proposed a plan to connect disparate experiences and apply Japanese intellectual property laws to NFTs. He also proposed measures to support crypto startups by reforming Japan’s tax system.

The Japan Financial Services Agency plans to review the country’s cryptocurrency regulations soon on September 30. This regulation could reduce taxes and allow local funds to invest in tokens.

The review could potentially reduce the current tax rate on crypto gains, with deductions ranging from 20% to 55%, in line with other investment assets such as stocks. Meanwhile, Japan’s crypto market is recovering, with trading volumes on centralized exchanges approaching $10 billion a month, according to CCData.

In February, Japan took steps to support the blockchain ecosystem by allowing local investment limited partnerships to invest in cryptocurrencies, an initiative that encourages venture capital investment in web3 projects.