Japan's new Prime Minister Shigeru Ishiba defends blockchain and NFTs in policy document

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

Policy documents from Shigeru Ishiba's office indicate that the Prime Minister of Japan is in favor of blockchain and is in favor of the development of web3 technology to boost the country's regional economies.

His vision resonates with that of several crypto industry groups who want greater incorporation of nfts and decentralized autonomous organizations to increase rural economies to promote sustainability and innovation.

“Using blockchain technology, nfts and more, we will seek to maximize the value of a multitude of local analogue products, such as dining and tourism experiences,” Ishiba stated in its policy document.

On x, many cryptocurrency traders and investors see Ishiba's victory in the Liberal Democratic Party presidential election as a victory for Japan's crypto ecosystem as well. Forj CEO Harry Liu said in x.com/harry_forj/status/1841023158771728406″ target=”_blank”>a post that Ishiba as Prime Minister of Japan is “a bullish signal for Japan's Web3 future!”

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

Taira once proposed a plan to connect diverse experiences and apply Japanese intellectual property laws to nfts. He also suggested measures to boost cryptocurrency startups by reforming Japan's tax system.

Recently, on September 30, Japan's Financial Services Agency plans to review the country's cryptocurrency regulations, which could result in lower taxes and allow domestic funds to invest in tokens.

The revision could reduce the current tax rate on crypto profits, potentially with cuts of 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 per month, according to CCData.

In February, Japan took big steps in supporting its blockchain ecosystem by allowing local investment limited companies to invest in cryptocurrencies, an initiative that encouraged venture capital investment in web3 projects.