Japan's new Prime Minister, Shigeru Ishiba, is championing blockchain technology and NFTs to elevate local industries, such as food and tourism, onto the global stage. His pro-blockchain stance aims to drive innovation and sustainability in rural areas through Web3 advancements.
Ishiba’s vision aligns with the goals of various crypto advocates who are pushing for broader NFT and DAO integration. He stated that blockchain could enhance the value of traditional local products by leveraging digital technology.
Many in Japan's crypto community see Ishiba's appointment as a positive signal for the country's Web3 future. His cabinet could potentially include Masaaki Taira, a key Web3 figure who has advocated for reforming Japan’s crypto tax system and promoting blockchain startups.
Meanwhile, Japan’s Financial Services Agency is reviewing cryptocurrency regulations, which may lead to tax reductions on crypto gains, making them more competitive with traditional investments. This review comes as Japan's crypto market shows signs of recovery, with trading volumes rising to nearly $10 billion monthly.