Japan’s PM Approves Web3 White Paper and Suggests a Crypto Visa

Japan’s Prime Minister, Fumio Kishida, has approved a Web3 white paper that includes a proposal for a crypto visa to attract talented professionals and expand the country’s startup visa program.

The Web3 White Paper published by the Liberal Democratic Party aims to enhance the utilization of digital assets among citizens in the country. Also, it suggests that Japan should consider the future possibilities of Web3 and reaffirm its leadership position in ethical innovation.

Additionally, the document proposed tax legislation, including tax exemption for businesses holding tokens issued by other businesses but not immediately traded. The document highlighted that crypto should only be subject to taxation only when digital assets are converted into cash.

The nomination of a Web3 minister was also encouraged. This is in addition to the Digital Agency of Japan which offers counseling desks for local governments and enterprises.

Furthermore, the document criticized current procedures for new tokens issued by foreign businesses for being too slow. Therefore, it advocates for greater transparency in review and emphasizes the importance of creating a conducive atmosphere for stablecoin regulation.

Japan Welcomes a New Stage for Crypto and Web3

Japan, like many other countries, has been exploring the potential of Web3 and the various blockchain-based applications that can be built on top of it. For several years, the country has been active in the blockchain space, even developing its own cryptocurrency exchange regulations to help the industry grow.

Last month, the country revealed plans to establish a government advisory council of professionals in connection with the issuance of its Central Bank Digital Currency (CDBC), the digital yen. 

Notably, The Bank of Japan has already stated that pilot testing will begin in April. During this time, selected participants will be required to simulate real-world transactions with the digital currency in order to analyze the CBDC’s potential use cases.

Markedly, with Web3, Japan can open up new avenues for innovation, such as decentralized finance (DeFi) and Non-Fungible Tokens (NFTs). These new technologies have the potential to transform industries as diverse as finance, real estate, and art.