Fostering Crypto Growth is in Japan’s National Strategy
Japan’s Liberal Democratic Party (LDP) is spearheading a distinctive approach to advance Web3 and crypto development as a core element of the country’s national agenda under Prime Minister Fumio Kishida. The LDP’s Web3 project team has endorsed a white paper that delineates a series of groundbreaking recommendations aimed at fostering the industry and promoting a crypto-accommodating environment.
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Highlighting Japan's leadership role in crypto-related discussions at the forthcoming G7 summit, the white paper emphasizes the need for the country to assert its commitment to technology-agnostic and conscientious innovation. The document proposes tax regulation reforms for token issuers, new accounting standards for Web3 enterprises, and entry guidelines for banks and insurance companies keen on joining the industry.
Additionally, the white paper suggests the establishment of a unique DAO law inspired by Japan's godo kaisha (limited liability company) model and recommends regulatory amendments under the Companies Act and the Financial Instruments and Exchange Act. The document also encompasses guidelines for NFTs, stablecoin registration, and an expansion of the startup visa system to further boost the industry.
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