Japan has recently issued a white paper with proposals to promote the growth of the cryptocurrency industry in the country. Japan's ruling Liberal Democratic Party's Web3 project team has developed the document to create a friendlier environment for digital assets. The paper outlines numerous recommendations which seek to make the crypto industry more accessible and attractive in the country while allowing it to flourish.
As COVID-19 drove out the companies due to heavy tax burdens, the Japanese government is focusing on setting up regulations to make the market more consumer-friendly. The white paper recommends critical changes to the tax regulation and taking a leading role in conversations about crypto at the current G7 summit.
The document promotes setting up a legal DAO framework and reveals plans to make the token review process smoother by making it more transparent. The government will be supporting the local accounting industry in developing standards for audit procedures on the Web3. Japan is also interested in the stablecoin sector and outlines guidelines for the registration of stablecoins.
In addition, the paper proposes the use of public-private partnerships to create legal business models for NFTs and fantasy sports services. It also mentions launching a crypto visa system to welcome skilled workers in the industry and expanding the startup visa program. Lastly, the document suggests creating a consultation service to exchange expertise and ideas with the local authorities.
Overall, the white paper is an important step forward for the crypto industry in Japan. It puts into motion reforms that would make the crypto sector more accessible and attractive for the public, businesses and governmental entities. The document promotes changes to regulations, outlines plans to make the token review process smoother and proposes launching a crypto visa system to welcome skilled workers. This measures are likely to go a long way in promoting the growth of the Web3 technologies in the country.
Ashley Carter
- 2023-04-06
Japan to Promote Growth of Crypto Industry With White Paper Proposals
Japan's Liberal Democratic Party's recently-issued white paper seeks to create a favourable and consumer-friendly environment for the growth of the cryptocurrency industry. It outlines numerous recommendations such as critical changes to the tax regulation, setting up a legal DAO framework, creating business models for NFTs and fantasy sports services, and launching a crypto visa system.
