The Prime Minister of Japan, Fumio Kishida, stated on Tuesday that the country is planning on creating a brighter ambience for Web3 as far as the usage of tokens and the revamping of the content industry is concerned. This is one of the outcomes of the Prime Minister’s flagship web3 promotion policies that are strategized to drive growth and distribution of wealth by stressing digital transformation of the market as one of its prime agendas.
Fumio Kishida looks forward to Web3 as the new Capitalism
In a recorded broadcast from the WebX Conference held in Tokyo, which opened Tuesday, the Prime Minister of Japan stated that the protection of token users would be considered in the new market growth strategy. As far as measures taken in the outline of the country’s annual broad policy are concerned, the targeted growth in the digital market with Web3 as its focus also takes care that the security of users is in no way compromised.
Continuing to speak in extension with the Liberal Democratic Party’s warm embrace of Web3, Kishida emphasized that “Web3 is part of the new capitalism”. Here he refers to his flagship economic policy to promote growth and wealth distribution by focusing on Web3 promotion policies as one of its strongest pillars.
Ruling Party embraces Web3 as Prospect for Metaverse economic revitalization
The Metaverse seems to be a very important arena for Prime Minister Fumio Kishida and the ruling Labour Democratic Party regarding economic acceleration in the country. Focusing on this idea, Kishida stated:
“A major Japanese company will announce an ambitious large-scale project that will create a valuable economic zone in the Metaverse.”
Before the Prime Minister had taken the stage at the WebX Conference, Koichi Hagiuda, the research council chairman of the ruling Labour Democratic Party, took to the stage. He laid out the Party’s stance as far as Web3 promotion policies are concerned and said that an inclusive stance should be taken by even those who are unfamiliar with this industry. E
Japan Politicians take up the policy-making pens, making way for prospective projects
After Kishida’s designation of Web3 as the new pillar of economic reform, a sharp departure from the usual proceedings of the nation has been made as Japan Politicians have now taken the lead in making policies for the crypto and Web3 arenas.
The reports published and updates proposed by the new ‘lawmakers’ have led to the lifting of hefty taxes that used to drive project founders away from the country previously. The ruling Labour Democratic Party’s tax committee has approved a proposal that exempts the crypto startups issuing their own tokens from paying corporate taxes on gains that are unrealized, as stated by a Party politician.
Up till now, under corporate tax rules, token issuers have been subject to around a 35% tax rate on unrealized gains for the tokens held by them if those tokens are listed on a market, that is active. Holdings have been taxed till now based on their market value after the taxation period ended. This tax was what, in effect, used to drive away project founders from the country. Now, however, with the new policies, there is the prospect of a bright future ahead for the digital market.
To revamp the content industry and accelerate economic growth, Japan Prime Minister Fumio Kishida sees Web3 promotion policies as a prospective pillar of transformation in terms of revitalization in the digital market. In order to arrive at a rapid positive outcome, the politicians in Japan have gone ahead of the bureaucrats to create policies and laws for smoother operations of crypto projects. The prospective lifting of heavy tax burdens from token issuers is predicted to lead to much greater growth in the digital market in the country.