Japanese minister Takeru Saito seeks to establish an environment that will attract businesses and developers worldwide.
Japan aims to enhance its local Web3 industry by introducing tax reforms to support startup growth.
On August 28, Japan’s Minister of Economy, Trade and Industry, Takeru Saito, announced at a conference his plans to facilitate the creation of more Web3 use cases through tax reforms that would aid startup development.
According to Odaily, a local media outlet, Saito highlighted the significance of Web3 technology and the substantial potential of Japan’s Web3 and blockchain sectors during his speech at the WebX Conference, Tokyo’s largest cryptocurrency-focused event.
By implementing these tax reforms, Saito aims to establish an environment that would attract businesses and developers from around the globe.
Japan Looks to Web3 for Social Solutions
Japan has been exploring the implementation of Web3 use cases across various sectors of its economy.
Prime Minister Fumio Kishida recently stated that “Web3 and blockchain technology are the foundation for solving social issues.”
He also mentioned that the government would focus on creating a conducive environment for the use of Web3-related tokens, facilitating payments, and revitalizing the content industry.
Increasing Crypto Adoption in Japan
On June 24, Nomura Holdings, a financial services company, and its digital asset arm, Laser Digital, disclosed that over half of institutional investors surveyed in Japan intend to invest in the crypto sector within the next three years.
The survey, which involved 547 investment managers, including institutional investors, family offices, and public-service corporations, revealed that respondents view crypto as a valuable tool for portfolio diversification.
Other reasons cited included low correlation with other assets, a hedge against inflation, high return potential, and the continuous operation of crypto markets.
The survey indicated that 66% of respondents plan to allocate 2-5% of their investments to crypto in the next three years.
Additionally, 25% of participants expressed a positive outlook on crypto assets, reflecting an optimistic future for Japan’s crypto sector.
The survey also pointed to the development of crypto exchange-traded funds (ETFs), investment trusts, and staking and lending options as key factors for considering crypto investments.
