Japan aims to stimulate the local Web3 industry by implementing tax reforms that support the development of startups.
Importance of Web3 for Japan
On August 28, Japan’s Minister of Economy, Trade, and Industry, Takeru Saito, stated while speaking at a conference that he would help the industry create more use cases by implementing tax reforms to support the development of startups. The minister emphasized the importance of Web3 technology and the massive potential of Japan’s Web3 and blockchain industries at the WebX Conference, Tokyo’s largest cryptocurrency-themed event.
Social Issues and Web3
Japan has been looking to implement Web3 use cases across several areas of its economy. Prime Minister Fumio Kishida recently declared that Web3 and blockchain technology are the foundation for solving social issues. The Prime Minister also said that the government would work on creating an environment for the utilization of Web3-related tokens, facilitation of payments, and revitalization of the content industry.
Rising Crypto Adoption in Japan
On June 24, financial services firm Nomura Holdings and its digital asset arm, Laser Digital, revealed that more than half of institutional investors surveyed in Japan expressed intentions to invest in the crypto sector in the next three years. The study approached 547 investment managers, including institutional investors, family offices, and public-service corporations. The respondents said they saw crypto as a viable tool for diversifying their portfolio, low correlation to other assets, hedge against inflation, high return potential, and crypto’s 24/7 marketplace. The survey found that 66% of the respondents chose 2-5% as their allocation when investing in crypto in the next three years. Additionally, 25% of those surveyed held a positive sentiment about crypto assets, suggesting an optimistic outlook for Japan’s crypto future.
Japan is actively working on developing the Web3 industry through tax reforms and startup support, highlighting the importance of blockchain technology in addressing social issues and attracting investments in the cryptocurrency sector.
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