Takeru Saito, Japan’s Minister of Economy, Trade, and Industry, said last week that the country would improve its Web3 industry by changing taxes to help startups grow.
Saito said that Japan wants to become a world center for Web3 technology and Bitcoin innovation at the WebX Conference, Tokyo’s biggest event on the subject.
In his speech at the meeting, Saito discussed how important Web3 technology could be for Japan’s future. He also stressed the importance of creating an environment that would attract businesses and companies from all over the world. He said that the government wanted to help the industry grow by implementing helpful tax policies.
Saito said, “We see the huge potential in the Web3 and blockchain sectors.” “By enacting these tax changes, we hope to make it easier for startups to come to Japan. This will encourage innovation and strengthen Japan’s position as a leader in the digital economy.”
The Japanese government is interested in Web3 for more reasons than just economic growth. The technology is seen as a possible way to solve many social problems.
Japan Embraces Web3 To Modernize Economy
There has been a lot of talk about how Web3 and blockchain technologies should be added to the national framework by Prime Minister Fumio Kishida. He has said that these technologies could be the key to solving problems like an older population and a slowing economy.
Kishida also talked about the government’s bigger plan to use Web3 technologies in daily life. This includes using Web3-related tokens, making digital payments easier, and bringing Japan’s content industry back to life. Japan is trying to modernize its economy and make it stronger so it can handle difficulties in the future.
Japan is very interested in Web3 and blockchain technologies. Cryptocurrencies are also getting more attention from big investors. A recent poll of 547 fund managers in Japan was done by Nomura Holdings and Laser Digital, its digital asset arm.
They learned that more than half of them want to put money into the cryptocurrency market in the next three years. A lot of different types of businesses, including family offices, big investors, and public-service businesses, took part in the study.
Many of the respondents to the survey were drawn in crypto for various purposes. They considered it might assist them to diversify their holdings, for instance.
Another factor was that the market is open twenty-four hours a day, seven days a week and crypto has minimal connection with conventional assets. Of those who responded, 66% stated they intended to spend between 2% and 5% of their money in cryptocurrencies during the following several years.
More people in Japan are becoming positive about the future of digital assets, as 25% of those asked said they thought crypto assets were a good idea. Some of the main reasons people want to invest in cryptocurrencies are crypto exchange-traded funds (ETFs), investment trusts, and the different ways to stake and give cryptocurrency.
