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Japan Web3 News

Japanese Web3 developer HashPort raised funds worth 1.2 billion Japanese yen ($8.5 million) in a Series C funding round, bringing the total funds that HashPort raised to 2 billion Japanese yen ($14.2 million).



The fundraising round was led by The University of Tokyo Edge Capital Partners, Sumitomo Mitsui Banking Corporation, and Japanese billionaire entrepreneur Yusaku Maezawa, according to Cointelegraph.



According to the Japanese blockchain developer, the new fund will allow it to enhance business and secure a compliance management system and related personnel to navigate the sophisticated global regulatory environment for its expansion.



HashPort is responsible for an ecosystem consisting of its renowned blockchain-related consulting and system solution services in Japan. Additionally, it includes HashPalette, a public chain specializing in NFTs. The blockchain developer intends to launch its metaverse game called “The Land Elf Crossing” in the fourth quarter of this year.



HashPort Group President Seihaku Yoshida said his company plans to cooperate with Expo 2025, an upcoming expo to be held in Osaka, Japan, to set up digital wallets and digital passports linked to soulbound tokens (SBTs), noting that the event is expected to attract 28 million visitors and it would be a historic event if only 10 million visitors experienced Web3 for the first time.



This month, Japanese Prime Minister Fumio Kishida anew stressed his country’s commitment to developing <a href="https://upyo.com/en/news/tags/japan-web3" target="_blank" rel="noreferrer noopener">the Web3</a> industry, describing it as a new form of capitalism.



Delivering a speech during the first day of the WebX conference in Tokyo, Kishida pointed out that Web3 has the potential to change the conventional framework of the Internet and lead to a social change, therefore his government is working on improving through which the Web3 technologies work.



Earlier in April, the Japanese Liberal Democratic Party’s Web3 project team prepared a whitepaper in which they suggest ways to expand the Web3 industry in the country in line with the prime minister’s national strategy.

HashPort

Blockchain

Japanese Web3 Developer Raises $8.5 Million in Funding Round

Japanese Prime Minister Fumio Kishida anew stressed his country&#8217;s commitment to developing the Web3 industry, describing it as a new form of capitalism.



Delivering a speech during the first day of the WebX conference in Tokyo, Kishida pointed out that <a href="https://upyo.com/en/news/tags/japan-web3" target="_blank" rel="noreferrer noopener">Web3</a> has the potential to change the conventional framework of the Internet and lead to a social change, therefore his government is working on improving through which the Web3 technologies work.



&#8220;I hope that the Web3 industry will regain its attention and vitality and that various new projects will be born,&#8221; Kishida noted, looking forward that the Japanese companies would collaborate on setting up a large-scale project to build a valuable economic zone in the metaverse space.



Meanwhile, Chairman of the Liberal Democratic Party&#8217;s Policy Research Council Koichi Hagiuda voiced his support for Web3 startups, adding that Japan had already established a strict regulatory environment to protect individuals. According to him, the Japanese government, political circles, and the private sector are working together to promote Web3.



Hagiuda pointed to the Ministry of Economy, Trade and Industry-led project &#8220;Start Next Innovator&#8221; which sent about 1,000 entrepreneurs and students to Silicon Valley over the past five years to bolster the Web3 industry in the country. He also highlighted the ministry&#8217;s new dispatch program &#8220;J-StarX&#8221;, which will start this fiscal year, with the aim to expand the dispatch areas to include the United States, France, Singapore, and other countries.



Earlier in April, the Japanese Liberal Democratic Party’s Web3 project team prepared a whitepaper in which they suggest ways to expand the Web3 industry in the country in line with the prime minister&#8217;s national strategy.



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



At the same time, Binance announced that it would begin to offer its crypto services to users from August onwards. It is worth mentioning that the company acquired the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022, a matter which paves the way to the reentry of Binance in the country.

Japanese PM

Web3

Japanese Prime Minister Asserts Country’s Commitment To Fostering Web3 Industry

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.

Japanese Flag

Crypto

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.

Japan Web3 News

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