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Japanese Prime Minister Shigeru Ishiba has restructured his party’s web3 and cryptocurrency policy-making divisions.
According to Japan’s CoinPost, Masaaki Taira, the newly appointed Digital Minister, made a series of relevant announcements at a forum on November 27.
Prime Minister’s Continued Interest in Blockchain?
Taira stated that the ruling Liberal Democratic Party will disband the current web3 Project Team (PT) and will establish a specialized unit within the party’s Digital Society Promotion department.
Akihisa Shiozaki, the previous Secretary-General of the web3 PT, will head the new unit.
The government has expressed no intention of halting the “promotion” of web3-related enterprises.
The PT was initiated by Former Prime Minister Fumio Kishida, who resigned from his position as PM and leader of the LDP earlier this year.
Kishida viewed web3 and cryptocurrency as potential drivers for growth in the Japanese economy, advocating for the adoption of blockchain technology and NFTs.
Ishiba has shown support for pro-web3 policies, and Taira – who also previously led the web3 PT – has discussed the necessity of reforming Japan’s cryptocurrency tax regulations.
#PMinAction: On November 26, 2024, Prime Minister Ishiba convened the 14th meeting of the Council on Economic and Fiscal Policy in FY2024 at the Prime Minister’s Office. https://t.co/q4w2MyKYtA
— PM’s Office of Japan (@JPN_PMO) November 27, 2024
Minister Advocates for Tax Reform
Taira was also instrumental in initiating cryptocurrency regulations and contributed to significant legislation during the Kishida administration.
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CoinPost highlighted that Shiozaki’s X (Twitter) profile has been updated following the reshuffle, but noted that mentions of “web3 policy” remain intact.
The government has not yet detailed the complete responsibilities of the Digital Society Promotion department.
Nonetheless, cryptocurrency supporters are likely to appreciate Shiozaki’s ongoing participation. Under his leadership, the PT released white papers advocating for “immediate” tax reform.
He has also concentrated on promoting Japanese Decentralized Autonomous Organizations (DAOs), emphasizing the need for institutional backing.
Why global hedge funds and private equity firms are investing in Japan’s $165 billion hidden property market.
The potential for unrealized gains arises from an accounting peculiarityhttps://t.co/av1VkNepn7
— Bloomberg (@business) November 28, 2024
Shiozaki and others had previously urged the Kishida government to appoint a Japanese “Minister for web3.”
Local Revitalization Initiatives
As reported earlier, Ishiba’s election manifesto included sections on the application of blockchain technology and NFTs in regional development initiatives. The document stated:
“By utilizing blockchain technology, NFTs, and more, we aim to enhance the value of various analog local products, such as food and tourism experiences. We will achieve this by restoring their value to global market prices.”
Ishiba’s LDP maintained its parliamentary control in the general election held on October 27 this year.
The party has been in power since 1955, with the exception of two brief periods in opposition: from 1993 to 1994, and from 2009 to 2012.
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