Japan’s Next Prime Minister Announces Pro-Blockchain and NFT Policy Plans

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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Last updated:

September 30, 2024 23:00 EDT

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Shigeru Ishiba, Japan’s next Prime Minister and the newly elected head of Japan’s ruling Liberal Democratic Party, has revealed pro-blockchain and NFT policies.

Ishiba will also appoint the LDP’s current web3 taskforce chief Masaaki Taira as the government’s new Minister of Digital Affairs.

Japan’s Next Prime Minister: Keen on NFTs?

Ishiba, the former Japanese Defence Minister, will become Prime Minister next week after winning the LDP leadership election.

According to an official policy document from Shigeru Ishiba’s offices and a report from the Japanese media outlet CoinPost, Ishiba thinks blockchain and NFTs can help boost regional economies.

“Using blockchain technology, NFTs, and more, we will look to maximize the value of a multitude of analog local products, such as food and tourism experiences. We will do this by restoring their value to global prices.”

Shigeru Ishiba

This aligns with previous calls from crypto industry groups. The groups want to use NFTs and decentralized autonomous organizations (DAOs) in efforts to boost rural economies.

Taira, meanwhile, has previously spoken of plans to use NFTs to boost the intentional popularity of Japanese intellectual property assets.

And Taira recently hinted that Japan needs to reform its tax system to help boost crypto startups.

He said the system is “not optimized” for startups “in the modern era.” At a recent web3 conference, Taira said:

“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.”

Japan Prepares for General Election

Ishiba has already announced his intention to hold a general election on October 27. The LDP has been in power in Japan since 1955, although it was briefly ousted in 1993-1994 and 2009-2012.

Most observers expect the LDP to retain its overall majority in the Japanese lower house after the nation goes to the polls.

The policy document also speaks about promoting “regions with zero digital divides.” The LDP leader says this can be achieved by developing “internet resources and digitalization.”

The LDP head also said he would “correct the over-concentration of businesses in Tokyo,” and “maximize the potential of regional areas” by incentivizing startups.