Japan has taken a significant step towards promoting the growth of the Web3 industry in the country. The ruling Liberal Democratic Party’s Web3 project team has published a white paper with a range of recommendations aimed at creating a more crypto-friendly environment in Japan. The country’s industry has become part of the national strategy under Prime Minister Fumio Kishida’s administration.
The recommendations outlined in the white paper cover a range of areas, including tax reform, accounting standards, and a DAO law. The aim is to create a more favorable environment for crypto companies, which have been leaving Japan for other jurisdictions due to heavy tax burdens.
The white paper also calls for Japan to demonstrate leadership at the Group of Seven (G7) summit this year, where crypto will be discussed. It proposes that Japan should clarify its leading position on technology-neutral and responsible innovation.
Large companies in Japan have shown interest in the Web3 industry, but approvals for banks and insurance companies entering the industry remain unclear. The white paper advises laying out guidelines to provide more clarity.
The recommendations in the white paper represent a significant step towards creating a more favourable environment for the Web3 industry in Japan. While the country has faced challenges in the past, the proposals outlined in the document demonstrate a commitment to innovation and responsible regulation. It remains to be seen how these recommendations will be implemented, but they represent a positive step towards promoting growth and development in the Web3 industry.
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