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The Japanese authorities began to seem more enthusiastic about creating a better atmosphere for the crypto industry after approving a whitepaper on introducing tax reforms to promote the industry.



Japan&#8217;s Liberal Democratic Party&#8217;s Web3 project team prepared a whitepaper in which they suggest ways to expand the Web3 industry in the country in line with Prime Minister Fumio Kishida’s national strategy, <a href="https://cointelegraph.com/news/japan-pushes-for-friendlier-environment-for-crypto-with-web3-proposals" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



The Japanese Web3 team aims to overcome the bureaucratic processes in order to formulate regulations covering the NFTs to decentralized autonomous organizations (DAOs).



The whitepaper suggested that Japan should take the lead during the G7 summit this year and address the cryptocurrency issues in addition to showcasing the potential benefits of Web3. Japan is slated to host the 49th G7 Summit in Hiroshima in May 2023.



It also recommended additional amendments to tax regulations, including tax exemptions for companies that possess tokens issued by other firms that will not be traded in the short term. This proposed tax exemption will be added to an already approved tax exemption for token issuers.



The whitepaper suggested that crypto should be taxed only when the assets are exchanged for fiat currency as well as easing consumption tax on crypto transactions in a bid to decrease the expenses of selling and buying cryptocurrencies and make crypto transactions more accepted among individuals and companies.



Among the new suggestions was establishing a DAO law and amendments to the Companies Act and the Financial Instruments and Exchange Act.



Earlier in October, the Japanese prime minister seemed bullish toward the Web3 world, saying his government is working on expanding the use of web3 services, including those which are related to the metaverse and NFTs.



The Japanese government looks forward to boosting business and foreign investment by making the country’s crypto regulatory climate more welcoming.

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Japan Beefs up Efforts To Create Welcoming Web3 Climate

Japanese Prime Minister Fumio Kishida said his government is working on expanding the use of web3 services, including those which are related to the metaverse and non-fungible tokens (NFTs).



Delivering a speech on Monday before the National Diet of Japan, Kishida pointed to the Japanese government&#8217;s investments in digital transformation, citing the issuance of NFTs to the local authorities, according to Cointelegraph. 



The Japanese prime minister also referred to plans to digitize national identity cards.



It is worth mentioning that the Japanese government issued NFTs as a form of supplementary rewards in recognition of the work of local authorities who managed to solve problems using digital technology. A total of seven mayors in Japan got NFT awards for various initiatives.



Over the past months, Japan took major steps to regulate the crypto market. The parliament passed a law to limit the issuance of stablecoins by non-bank institutions in June.



In July, Japan opened a Web3 policy office which is affiliated with the Ministry of Economy, Trade and Industry (METI) to formulate metaverse-related policies to enhance the Web3 business environment.



Japan is among the top-five worst countries for crypto taxation as crypto investors could pay a maximum of 55% tax on crypto under income tax, however, in August, the Japanese Financial Services Agency considered cutting these taxes from 55% to 20%.



Web3 is a new digital cosmos built on decentralized or distributed notions such as blockchain and token-based economics. Web3 has the potential to remove intermediaries such as Google or Apple and give its users complete control over the internet. The concept guarantees freedom and authority that is very much decentralized.

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