Japan’s Web 3 lawmakers urge to make crypto regulation easier

Known as a hub for cryptocurrencies, especially during the first decade of Bitcoin’s birth, Japan began introducing regulations in the crypto space in 2018. His 850,000 bitcoins worth $500 million were stolen at Coincheck in Japan in 2018, which is one of the many reasons behind the move.

Recently, state policymakers made a shift, taking multiple initiatives to bolster economic growth in the country and support and foster local blockchain startups. To encourage Japanese residents to invest their savings in the country’s Web3 ventures and stocks, the FSA, Japan’s Financial Services Agency, announced Tax cuts for cryptocurrency investors this August.

Lawmakers urge government to introduce more relaxed rules

Masaaki Taira, head of the Web 3 project for Japan’s ruling Liberal Democratic Party, added in an interview that “it’s still not enough” while talking about the government’s move to implement sophisticated regulations on cryptocurrency exchanges. Taira said the government must work to loosen rules significantly to revitalize the country’s crypto market.

The Japan Virtual Asset Exchange Association (JVCEA), a national self-regulatory body that monitors domestic virtual currency exchanges, report The focus is on reducing the cumbersome process of vetting tokens before listing them on crypto exchanges.

Masaaki Taira, widely known as the brain of cryptocurrency policy, published a cryptocurrency white paper with his team in March.

It’s no secret that ruling party Diet members persuaded Prime Minister Fumio Kishida to include “revitalizing the Web3 market” as a priority in his annual policy for his term announced in June.

This white paper contains the importance of the rapid emergence of the Web 3.0 era. For example, NFTs (non-fungible tokens) can significantly boost the economy of a country that is already the world’s third largest economy. In the white paper, Taira’s team also expressed concern about the industry’s slow progress. it reads:

The advent of the Web 3.0 era presents a great opportunity for Japan. However, if things continue as they are now, I will surely miss the ship.

Another White Paper on Crypto Regulation in Japan

Taira, the former Minister of State for the Cabinet Office, further revealed that his team is working on issuing a second white paper. The focus will be on improving the comprehensive regulatory framework for the list of tokens, accounting guidelines, cryptocurrency taxes, and DOAs (Decentralized Autonomous Organizations), a type of cryptocurrency establishment. He hopes to submit an interim report by the end of the year, which he believes is “gaining momentum.”

Masaaki Taira’s recent comments on the latest changes in crypto policy suggest that Japan is gradually increasing its efforts to revitalize the crypto atmosphere in its neighborhood. The move is already rumored to attract digital currency exchange giant Binance. legal Permission to return to power after four years.

Besides Binance, Amber Group is another foreign cryptocurrency exchange that recently entered the Japanese cryptocurrency market with its acquisition of DeCurret exchange.

Featured image from Pixabay and chart from TradingView.com