- Masaaki Taira, newly appointed Digital Minister of Japan, calls for crypto tax reform
- Taira emphasizes the importance of revisiting taxation to foster blockchain technology
- However, he noted that he will not make hasty and loud statements that are out of his authority
- Recalling that regulatory responsibilities for tax reform lie with the Financial Services Agency
After the recent victory of Shigeru Ishiba and his well-known views on raising taxes for business, the hint from Masaaki Taira, the new Digital Transformation Minister looks intriguing.
At a press conference following his appointment, he indicated that he would push for crypto tax reform to help the nation’s blockchain sector.
However, he refrained from making specific statements and promises, indicating that not everything depends on him in this matter.
More About Japan’s Crypto Course and Masaaki Taira’s Wills
During the post-appointment conference, journalists asked the question
“What kind of deregulation will help the spread of blockchain technology”
Masaaki Taira gave his opinion, but adjusted it so that it didn’t sound bare:
“I think the most important thing is the tax system.
I’m not in a position to speak about the tax system, so I cannot comment on that matter.”
However, the reporters insisted that Masaaki Taira reveal a bit more about what he meant to better understand his intentions, to which he replied:
“Tax reform is the responsibility of the Financial Services Agency, so I will refrain from commenting on the matter. However, as a cabinet member and as the Digital Transformation Minister, I would like to speak about how using blockchain will have an impact on Japan’s economy and its financial situation.”
It is interesting to note that Shigeru Ishiba, despite his stricter views on Japan’s financial model, also expressed pro-crypto sentiments last week.
Masaaki Taira added that there are intentions to address specific issues that would allow Japan’s crypto sector to develop to its full potential:
“When [Japanese] startup companies hold and issue tokens that are not as [well-known] as Bitcoin, accounting firms cannot conduct proper audits. This remains a problem.”
He also commented separately on the NFT:
“NFTs like digital art are currently on the decline. But I think there are various ways of using blockchain and NFTs to maximize Japan’s potential value […].”
And the blockchain and gaming industry, where Japan with its world-famous flagship Sony actively developing blockchain –plays a key role:
“Japan is very strong in the video gaming sector. And I understand that the gaming industry will soon be moving into the Web3 sector in earnest. When stablecoins start emerging, I think a new economic sphere will appear in the metaverse. In that sense, I think this represents an opportunity for Japan.”
Conclusion
It looks like despite possible fundamental changes to traditional finance and economic approaches –Japanese leaders are recognizing the special role of blockchain and intend to take a different approach to it.
This may take them further and faster than the U.S., as many key players in Web3 like Ripple are already pointing out.
We’ll be watching closely for updates, stay tuned.
