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 revalue local assets like food and tourism on a global scale.

Policy documents from Shigeru Ishiba’s office indicate that Japan‘s PM is pro-blockchain and in favor of developing web3 technology to boost the country’s regional economies.

His vision resonates with those of various crypto industry groups that wish for more incorporation of NFTs and Decentralized Autonomous Organizations in augmenting rural economies to promote sustainability and innovation.

“Using blockchain technology, NFTs, and more, we will look to maximize the value of a multitude of analog local products, such as food and tourism experiences,” Ishiba stated in his policy document.

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On X, many traders and crypto investors see Ishiba’s win in the Liberal Democratic Party’s presidential election as a win for Japan’s crypto ecosystem as well. CEO of Forj, Harry Liu, said on an X post that Ishiba as Japan’s PM is “a bullish sign for Japan’s Web3 future!”

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

Taira once proposed a plan to connect diverse experiences and applying Japanese intellectual property laws to NFTs. He also suggested measures to boost crypto startups by reforming Japan’s tax system.

Recently on Sept. 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 review could reduce the current tax rate on crypto gains potentially ranging from 20% to 55% cuts, in accordance with other investment assets like stocks. Meanwhile, Japan’s crypto market is recovering with trading volumes at centralized exchanges nearing $10 billion per month, according to CCData.

In February, Japan took strides in support of its blockchain ecosystem by allowing local investment limited partnerships to invest in cryptocurrencies, an initiative that encouraged venture capital investment in web3 projects.

Read more: Japanese cabinet approves crypto assets for investment by venture capital firms