On August 28, Japan’s Minister of Economy, Trade, and Industry, Takeru Saito, announced plans for tax reforms aimed at supporting the development of startups in the Web3 and blockchain sectors. Saito shared this strategic initiative during his speech at the WebX Conference in Tokyo, the city’s largest event focused on cryptocurrency themes. Japan’s Tax Reforms to Support Web3 and Blockchain Growth
Additionally, Saito stressed the transformative impact of Web3 technology on Japan’s economic landscape. He pointed out that the proposed tax reforms could draw international businesses and developers, boosting Japan’s standing as a hub for technological advancements.
These efforts are in harmony with Prime Minister Fumio Kishida’s recent remarks, which emphasize the role of Web3 and blockchain in solving key societal issues.
Additionally, the government plans to enhance the infrastructure for utilizing Web3-related tokens and streamline payment processes. Efforts will also focus on invigorating the content industry through these technological advances.
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In related news, a recent survey conducted by Nomura Holdings and its digital asset arm, Laser Digital, revealed significant interest in the crypto sector among Japan’s institutional investors.
The survey where 547 investment managers participated showed that more than half of them are planning to invest in cryptocurrencies within the next three years. Some of the motivations that were key to investors were; diversification of their investment portfolio, inflation protection and the possibility of earning relatively large profits.Japan’s Tax Reforms to Support Web3 and Blockchain Growth
Almost two-third of respondents prefer to allocate between 2% and 5% of their portfolio to cryptographic assets.
Additionally, the perception towards crypto assets was positive with 25% of the respondents postulating a positive view on the future of crypto assets in Japan. The study also pointed out an increasing interest in the crypto financial products including ETFs, investment trust, staking, and lending products.
Japan’s planned changes to its taxation system as well as vital institutional investor interest prove the nation’s commitment to the development of Web3. While these projects are ongoing, Japan is set to become a world hub for blockchain development with people and capital from all over the world flocking to the country.
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