Japan is ramping up efforts to bolster its Web3 industry by implementing tax reforms aimed at supporting the growth of startups. On August 28, Takeru Saito, Japan’s Minister of Economy, Trade, and Industry, announced during a conference that the government plans to create a business-friendly environment to attract global companies and developers to the country.
Speaking at the WebX Conference, Tokyo’s largest cryptocurrency-themed event, Saito emphasized the significance of Web3 technology and the immense potential of Japan’s Web3 and blockchain sectors. According to local media outlet Odaily, the minister’s proposed tax reforms aim to encourage the development of more Web3 use cases, further positioning Japan as a leader in this emerging field.
Japan’s Strategic Focus on Web3 for Social Solutions
Japan has been actively exploring Web3 applications across various sectors of its economy. Prime Minister Fumio Kishida recently highlighted Web3 and blockchain technology as crucial tools for addressing social challenges. The Prime Minister committed to creating a favorable environment for the utilization of Web3-related tokens, the facilitation of digital payments, and the revitalization of the content industry.
Rising Crypto Adoption in Japan
The country’s interest in Web3 and cryptocurrency is reflected in the growing adoption of digital assets. A study conducted by financial services firm Nomura Holdings and its digital asset arm, Laser Digital, revealed that over half of the institutional investors surveyed in Japan plan to invest in the crypto sector within the next three years. The survey, which included 547 investment managers, indicated that crypto is increasingly viewed as a viable tool for portfolio diversification, a hedge against inflation, and an asset class with high return potential.
Furthermore, the survey found that 66% of respondents are considering allocating 2-5% of their investments to crypto over the next three years. Additionally, 25% of those surveyed expressed a positive sentiment toward crypto assets, signaling an optimistic outlook for Japan’s crypto future. Key factors influencing this interest include the development
