PM says Web 3 is opportunity for Japanese ‘economic growth’

Source: AdobeStock / tawatchai1990

Speaking to the nation’s parliament about Web 3, Japan’s prime minister claims it will boost economic growth – another indication that business-friendly legal reform may be on the cards in the nation.

Japanese media outlet CoinPost reported that Prime Minister Fumio Kishida yesterday made his announcement to the Budget Committee of the House of Representatives (Lower House), where he said:

“The advent of the Web 3.0 era can lead to economic growth [for Japan].”

The prime minister addressed a question from ruling Liberal Democratic Party MP Masanobu Ogura at the hearing after Kishida made remarks on “blockchain, non-fungible tokens (NFTs) and the Metaverse” during a recent trip to the UK.

Kishida, who was in the UK earlier this month, spoke to potential investors about new “institutional reforms” that would “create an environment” that would “facilitate” the creation of new services. These services, he said, include Web 3-related infrastructure.

In response to Ogura’s request for further clarification on the matter, Kishida stated:

“We are confident that the integration of new digital services like Metaverse and NFTs will lead to economic growth for Japan. As we enter the Web 3.0 era, I strongly believe that we must resolutely promote this environment from a political point of view.”

The prime minister went on to add that he will aim to nurture new startups in the space and pledged “support” for tech companies aiming to attract foreign capital – and vowed to target Japan’s web-3 space “as an investment target.” make it attractive”.

To that end, Kishida says, the government could introduce startup accelerators, help attract foreign venture capital — and even possible support from public capital.

Forces both inside and outside the ruling party have joined calls for the government to back up its demands on this front with affirmative action — including reforming tax laws that currently classify crypto-related income as other income on tax returns. Critics have urged the government to switch to a system where profits are instead subject to capital gains tax – and taxed at a flat rate.

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Learn more:
– Japanese opposition leader is pushing for crypto tax reform to give the nation a Web3 boost
– Japanese Prime Minister Speaks on Japan’s Web3, NFT Focus at Investors Summit

– It’s time to appoint a “Web3 minister,” says the NFT Policy-Making Group of Japanese lawmakers
– Japanese exchange becomes first licensed platform to list Dogecoin

– Japanese city launches Metaverse project with entertainment industry’s Behemoth
– Japanese automakers Toyota and Nissan unveil Metaverse plans

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