Saito

2024

Prime

when

Collector

Japan is looking to boost the local Web3 industry by implementing tax reforms that support the development of startups.
On Aug. 28, Japan’s minister of economy, trade and industry, Takeru Saito, said 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.
<a data-ct-non-breakable="null" href="https://www.odaily.news/newsflash/387847" rel="noopener noreferrer nofollow" target="null" text="null">According</a> to local media Odaily, 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.
Through tax reforms, Saito hopes to create an environment that would lure businesses and developers worldwide.&nbsp;
<figure><img alt="Japan eyes Web3 growth with startup-focused tax reforms" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919906-d3fb-76e3-b001-2ac38872edbe">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/WebX_Asia/status/1828378633385496972" rel="noopener noreferrer nofollow" target="null" text="null">WebX 2024</a>
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<h2 id="strong-japan-opts-strong-for-strong-web3-to-solve-social-issues-strong">Japan opts for Web3 to solve social issues</h2>
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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/from-the-u-s-to-japan-regulators-are-beginning-to-embrace-crypto" rel="noopener noreferrer nofollow" target="_self" text="null">the foundation for solving social issues</a>.
The Prime Minister also <a data-ct-non-breakable="null" href="https://coinpost.jp/?p=552422" rel="noopener noreferrer nofollow" target="null" text="null">said</a> 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. 
<figure><img alt="Japan eyes Web3 growth with startup-focused tax reforms" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191990a-fff5-7c2a-a84d-a9dbdb4aea57">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/WuBlockchain/status/1828619467238318234" rel="noopener noreferrer nofollow" target="null" text="null">Wu Blockchain</a>
 </figcaption>
</figure>
<h2 id="br-strong-rising-crypto-adoption-in-japan-strong"> Rising crypto adoption in Japan</h2>
On June 24, financial services firm Nomura Holdings and its digital asset arm, Laser Digital, revealed that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japanese-institutional-investors-crypto-investments-2024" rel="noopener noreferrer nofollow" target="null" text="null">more than half of institutional investors surveyed</a> in Japan expressed intentions to invest in the crypto sector in the next three years.&nbsp;
The study approached 547 investment managers, including institutional investors, family offices and public-service corporations.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japan-village-nfts-help-aging-population" rel="noopener noreferrer nofollow" target="null" text="null">Japanese village turns to NFTs to help older adults</a>
The respondents said they saw crypto as a viable tool for diversifying their portfolio. Other reasons included 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.&nbsp;
The survey highlighted the development of crypto exchange-traded funds (ETFs), investment trusts, and staking and lending options as crucial reasons for considering crypto.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/tyler-warner-rock-star-complex-1000-eth-nft-collector/" rel="noopener noreferrer nofollow" target="null" text="null">Tyler Warner on round tripping 1,000 ETH due to ‘rock star complex’: NFT Collector</a>

Japan eyes Web3 growth with startup-focused tax reforms

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