Japan’s Web3 lawmaker pushes for further easing of country’s crypto regulations

Japan’s lawmaker and head of the Liberal Democratic Party's project team on cryptocurrency policy Masaaki Taira called on the government to further relax the country’s crypto regulations, according to a Nov. 8 Bloomberg report. 

‘This is still not enough,’ said Taira, who is seen as the brains behind the country’s crypto policy. ‘I don’t think we can stop here.’

Since October last year, Japan has been increasing its efforts to boost the Web3 market. The Ministry of Economy, Trade and Industry (METI) established the ‘Web 3.0 Policy Office’ to forumlate policies and to coordinate with various local industries to explore business opportunities related to Web3. 

Japan's Virtual and Crypto assets Exchange Association, a self-regulatory body that oversees the local crypto market, announced plans to eliminate the lengthy screening processes for the token vetting for all local crypto exchanges. 

In April, Taira and the NFT task force he leads released a white paper draft to accelerate the adoption and utilization of NFT and Web3 to boost local economy. 

Japan’s crypto-friendly regulatory climate gave rise to different Web3 companies including Square Enix, Double Jump, Animoca Brands Japan. Binance, the world’s largest crypto exchange, is also seeking to obtain a license to offer its crypto services in the country. 

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