Takeru Saito, the Japanese minister, aspires to establish an environment that will attract businesses and developers from around the globe.
Japan is attempting to stimulate the local Web3 industry by enacting tax reforms that encourage the growth of businesses.
During a conference on August 28, Japan’s minister of economy, commerce, and industry, Takeru Saito, stated that he would assist the industry in the development of more use cases by instituting tax reforms to support the growth of businesses.
At Tokyo’s largest cryptocurrency-themed event, the WebX Conference, the minister underscored the significance of Web3 technology and the substantial potential of Japan’s Web3 and blockchain industries, as reported by local media outlet Odaily.
Saito aspires to establish an environment that will attract businesses and developers from around the globe by implementing tax reforms.
Japan has been exploring the potential of Web3 applications in a variety of sectors of its economy. Prime Minister Fumio Kishida recently stated that the foundation for resolving social issues is Web3 and blockchain technology.
The Prime Minister also stated that the government would strive to establish an environment that would facilitate the use of Web3-related tokens, revitalize the content industry, and simplify payment processes.
Nomura Holdings and its digital asset subsidiary, Laser Digital, disclosed on June 24 that over half of institutional investors in Japan reported that they intend to invest in the crypto sector within the next three years.
The research contacted 547 investment administrators, which included family offices, institutional investors, and public-service corporations.
The respondents perceived cryptocurrency as a plausible option for diversifying their portfolio. Cryptocurrency’s 24/7 marketplace, high return potential, hedge against inflation, and low correlation to other assets were additional factors. The survey revealed that 66% of the respondents selected a 2-5% allocation for their crypto investments over the next three years.
Furthermore, 25% of the respondents expressed a favorable opinion of crypto assets, which indicates that Japan’s crypto future is optimistic.
The survey emphasized the importance of crypto exchange-traded funds (ETFs), investment trusts, and staking and lending options as compelling reasons to consider the cryptocurrency.
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