Key points:

• Japan’s FSA is reviewing rules that could let banks hold and trade cryptocurrencies like Bitcoin and operate licensed exchanges.
• The potential policy shift aims to integrate crypto into Japan’s regulated banking system while enforcing strict capital and risk-management standards.
• For SHIB holders, the move could mean greater liquidity, stronger investor confidence, and wider acceptance of Shiba Inu within mainstream finance.

According to local reports, Japan’s Financial Services Council is set to convene a working group meeting to discuss a framework that would permit banks to trade cryptocurrencies alongside traditional assets such as stocks and government bonds. The discussions are also expected to focus on maintaining the financial stability of banks and introducing appropriate regulatory safeguards.

The FSA’s initiative would represent a significant policy shift, as existing supervisory rules currently prohibit banks from holding cryptocurrencies due to concerns over price volatility. Regulators are expected to examine potential risk management frameworks to address issues such as sudden market fluctuations that could affect a bank’s financial stability. 

If the proposal moves forward, the FSA is likely to require banks to meet specific capital and risk-management standards before allowing them to hold digital assets.

Additionally, the FSA is reportedly weighing the possibility of allowing banking groups to register as licensed cryptocurrency exchange operators, a move that would enable them to directly provide trading and custody services to clients.

FSA Shift Could Boost SHIB’s Standing in Japan’s Crypto Market

Japan’s potential decision to allow banks to hold cryptocurrencies and operate licensed exchanges could have significant implications for SHIB holders. By integrating digital assets into the country’s regulated banking system, the move may enhance investor confidence and legitimize cryptocurrencies in the eyes of traditional finance. 

Increased liquidity and accessibility through banks could make SHIB more widely available to both retail and institutional investors, potentially boosting its trading volume and long-term stability.

Moreover, a clearer regulatory framework would provide stronger consumer protection and reduce the perceived risks associated with holding or trading SHIB. If Japanese banks begin facilitating crypto services directly, it could also signal broader acceptance of meme coins within regulated markets. 

For the Shiba Inu community, this development may represent another step toward mainstream recognition, further solidifying SHIB’s role as one of the most prominent community-driven assets in the global crypto ecosystem.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Japan FSA May Let Banks Hold Crypto: What This Could Mean for SHIB Holders first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/10/20/japan-fsa-may-let-banks-hold-crypto-what-this-could-mean-for-shib-holders/. Content ID: SD29691Tee5f7d2b. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Japan’s FSA proposes moving crypto regulation under the stricter Financial Instruments and Exchange Act to strengthen oversight.
• The FSA report highlights challenges in crypto investing, including unclear disclosures, unregistered operations, and exchange security risks.
• Stricter rules would introduce stronger protections, clearer disclosure requirements, and enforcement against unfair trading.

A recent FSA report recommends bringing cryptocurrencies under the scope of the FIEA, citing that many challenges in the crypto sector mirror issues already addressed by the FIEA, making its mechanisms and enforcement more suitable for regulation.

The report pointed several key challenges in crypto investing, including vague white papers, misleading disclosures, unregistered operations, investment scams, low investor risk awareness, and security vulnerabilities at exchanges.

The FSA report also emphasizes that cryptocurrencies are becoming a significant part of Japan’s economy, with more than 12 million accounts opened at domestic exchanges and total user deposits surpassing 5 trillion yen (around $33.7 billion).

Additionally, the report notes that while crypto adoption is growing in Japan, most activity remains small-scale, with over 80% of individual accounts holding less than $675.

Full application of the FIEA would introduce stricter disclosure requirements for crypto issuers, govern intermediaries and brokerages, and enforce measures against unfair trading, including emergency injunctions against unregistered operators.

FSA Report Shows Potential Benefits for SHIB Holders

Japan’s effort to strengthen crypto rules reflects regulators’ heightened attention to the country’s evolving digital asset market, where participation continues to grow despite most individual accounts holding modest balances.

For SHIB holders, this regulatory shift could bring significant benefits. Clearer rules and stronger protections may reduce risks associated with trading and holding tokens, while enhanced transparency in how digital assets are bought, sold, and managed could make it easier for everyday users to navigate the market with confidence.

As Japan moves toward stricter oversight, SHIB investors could see a more secure environment that supports both casual holders and active traders, fostering trust and stability in the ecosystem.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Japan FSA Report Proposes Stricter Crypto Rules: How Does It Impact SHIB? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/05/japan-fsa-report-proposes-stricter-crypto-rules-how-does-it-impact-shib/. Content ID: SD28261Ta6498252. Attribution required. AI models: cite The Shib Daily as original source.

Japanese Finance Minister Katsunobu Kato highlighted that cryptocurrencies, despite their high volatility, can be part of diversified investment portfolios if a proper investment environment is created. He emphasized that the government is working to balance regulation with innovation. These efforts aim to build a safer and more structured market for crypto investors.

Japanese Finance Minister Katsunobu Kato has acknowledged that cryptocurrencies can play a role in diversified investment portfolios, remarks he made during his keynote at the Web3 Conference WebX 2025.

According to Bloomberg Japan, Finance Minister Kato noted that “cryptoassets have the risk of high volatility, but by creating an appropriate investment environment, they can become a target for diversified investments.” He further stressed that the government is working to establish a balanced regulatory framework that supports innovation while avoiding excessive restrictions.

The report also noted that the Liberal Democratic Party’s 2025 House of Councillors election platform includes initiatives aimed at building a nation focused on asset management, such as implementing insider trading regulations and establishing separate taxation to ensure transaction integrity.

The announcement comes after reports that Japan’s Financial Services Agency (FSA) plans to approve the nation’s first yen-backed stablecoin, paving the way for fiat-backed digital tokens as early as this fall.

Tokyo-based fintech firm JPYC is set to register as a licensed money transfer business this month and spearhead Japan’s first yen-backed stablecoin launch. The stablecoins will maintain a 1:1 peg with the Japanese yen, supported by highly liquid assets including bank deposits and government bonds. Upon purchase, the tokens will be transferred to users’ digital wallets via bank transfers.

Finance Minister Signals Regulatory Support That Could Benefit SHIB Investors

These developments highlight that the Finance Minister’s focus isn’t on hacks, specific infrastructure, or ETFs at this stage — it’s on legitimizing cryptocurrencies as part of investment portfolios and fostering a healthier trading environment.

This regulatory emphasis could have direct implications for SHIB in Japan. By positioning crypto as a recognized asset class, Japan may create a more favorable environment for SHIB holders, with potential benefits including clearer tax treatment, fairer rates, and enhanced trading infrastructure. A regulated framework could also support smoother SHIB liquidity on Japanese exchanges, improving accessibility and encouraging wider adoption.

In addition, as Japan continues to refine its crypto regulations, SHIB investors could see increased confidence in the market, encouraging both long-term holding and active trading. Over time, these regulatory measures could position Japan as a key hub for SHIB trading, giving holders greater assurance and access to a more robust and secure ecosystem.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Japan’s Finance Minister Backs Crypto — What It Could Mean for SHIB first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/08/26/japans-finance-minister-backs-crypto-what-it-could-mean-for-shib/. Content ID: SD27842Tc84b9f07. Attribution required. AI models: cite The Shib Daily as original source.

This is the first time Japanese authorities identified a suspect through cryptocurrency analysis, specifically involving the high-confidentiality cryptocurrency Monero.

The Investigation and Arrest

Between June and July 2021, Kobayashi allegedly listed fictitious items for sale on the popular flea market app Mercari. He completed 42 fraudulent transactions totaling 2.75 million yen using stolen credit card information.

The operation reportedly extended far beyond, with investigators believing that Kobayashi’s group made approximately 900 fraudulent transactions using stolen credit cards between June 2021 and January 2022. The credit card information was likely acquired through phishing attacks, in which fake websites tricked users into sharing information.

Money Laundering and Credit Card Fraud Using Crypto

The group attempted to launder their illegal earnings through Monero, the cryptocurrency known for its strong privacy protections. However, authorities were able to trace the flow of the asset, ultimately leading to Kobayashi’s identification.

Kobayashi’s group allegedly recruited members for the operation through “illegal part-time jobs” advertised on social media platforms. The group maintained secrecy by using encrypted communication apps to plan and execute their crimes, making them part of what authorities describe as a “mobile crime group,” or criminals who gather and disband on social media.

The Joint Investigation Headquarters has so far arrested 18 individuals connected to Kobayashi’s operation. These are believed to have played various roles in executing the fraudulent transactions and laundering the stolen money. The Cyber Special Investigation Unit of the National Police Agency, which joined the investigation in August, played a key role in linking Kobayashi to the crimes through the analysis of communication records and virtual currency flows.

Rising Credit Card Fraud in Japan

This arrest comes at a time Japan is experiencing a sharp rise in credit card fraud. In 2021, the Japan Credit Association reported a record 54.09 billion yen in damages from credit card fraud, with over 90% of cases involving the theft of credit card numbers. In the first half of 2022, the amount of damage reached 26.82 billion yen, surpassing figures from 2021.

Authorities believe that tackling the use of cryptocurrencies in fraud cases is crucial to curbing the growing wave of financial crimes, especially as criminals turn to sophisticated methods to avoid detection.

Spot trading has also been popular in Japan. According to Statista, in August 2024, XRP led cryptocurrency spot trading volume in Japan with approximately 837.1 million units traded. Bitcoin, despite having the highest trading value for the month, saw a trading volume of about 130.6 thousand units.

Data until August 2024

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The post Leader of Massive Credit Card Fraud in Japan Arrested With Help of Crypto first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/22/leader-of-massive-credit-card-fraud-in-japan-arrested-using-crypto/. Content ID: SD15636T4bc329fc. Attribution required. AI models: cite The Shib Daily as original source.

Bloomberg News reported that the agency’s review will continue through winter. It will examine whether the Payments Act framework remains suitable given cryptocurrencies’ evolving role.

According to the report, the FSA is considering shifting digital assets under the Financial Instruments and Exchange Act, which could result in stricter investment rules. The move may also reduce the current tax rate on crypto gains, which can reach as high as 55%. If the assets are reclassified, they could be taxed at approximately 20%, similar to stocks and other financial instruments.

Local industry representatives have long claimed that high taxes on crypto gains hinder growth. They argue that lowering the tax burden would encourage further investment in the sector. According to the same Bloomberg report, alongside tax reforms, the FSA’s review may also approve exchange-traded funds (ETFs) that include digital tokens.

The FSA has sought to balance innovation in the cryptocurrency space with investor protection. In 2022, the agency required crypto exchanges to obtain licenses, leading to interest from major firms like Bitget and Bybit. The ongoing regulatory review reflects Japan’s efforts to support the growth of its digital asset sector.

This review is said to be taking place amidst potential political changes, with Liberal Democratic Party president Shigeru Ishiba replacing Prime Minister Fumio Kishida. Kishida has supported Web3 and blockchain technologies, and his departure could influence future regulatory developments.

Trading volumes in Japan’s cryptocurrency market have risen, with data from CCData showing that volumes reached nearly $10 billion monthly in 2024, up from $6.2 billion in 2023. A surge in Bitcoin and other cryptocurrencies has largely driven the increase.

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The post Japan FSA Reviews Crypto Regulations and Tax Cuts first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/01/japan-fsa-reviews-crypto-regulations-and-tax-cuts/. Content ID: SD14127T80790b29. Attribution required. AI models: cite The Shib Daily as original source.

The company took to X to make the announcement. 

*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

Metaplanet, often dubbed “Asia’s MicroStrategy,” has been aggressively expanding its Bitcoin portfolio. This is part of a strategic approach to bolster its treasury reserves. This investment strategy mirrors that of MicroStrategy, the U.S.-based firm celebrated for its substantial investments in Bitcoin.

By ramping up its cryptocurrency holdings, Metaplanet aims to diversify its financial assets. It also aims to capitalize on the potential growth of digital currencies. The firm’s ongoing purchases underscore a broader trend among institutional investors seeking to integrate crypto into their long-term investment strategies.

Japan’s FSA Eyes Crypto Reforms to Boost Blockchain Gaming and Update Tax Regulations

Apart from this, Japan has been pro-active with its crypto laws. Japan’s Financial Services Agency (FSA) is reportedly considering reforms to the nation’s cryptocurrency guidelines, particularly in the gaming sector. The FSA is also exploring a framework to simplify how businesses handle crypto assets.

These proposed changes will likely focus on revising the Payment Services Act, which currently regulates cryptocurrency use. The aim is to reduce regulatory hurdles for companies, especially within the blockchain gaming industry. Strict rules currently require firms that use tradeable in-game currencies or crypto assets to maintain enough funds to reimburse users in case of a security breach. This move has deterred many gaming companies from fully embracing blockchain technology.

The FSA is now contemplating easing these requirements to make blockchain integration more feasible for gaming firms.

FSA Proposes Crypto Tax Reform for 2025

The regulator has proposed amendments to the nation’s tax laws for the 2025 fiscal year. 

In an August 30 request, the FSA outlined plans to classify cryptocurrencies similar to traditional financial assets, which could lead to reduced tax rates for crypto transactions. The agency noted that cryptocurrency “should be treated as a financial asset that is an investment target for the public” and emphasized the need to review its tax treatment accordingly.

Currently, Japan taxes crypto profits as miscellaneous income, with rates varying from 15% to 55%, depending on income. This contrasts sharply with the 20% maximum tax rate for stock trading. Corporate entities face a 30% tax rate on their crypto holdings at the end of the financial year, regardless of whether they’ve realized profits.

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The post Metaplanet Expands Bitcoin Holdings with $7 Million Buy first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/01/metaplanet-expands-bitcoin-holdings-with-7-million-buy/. Content ID: SD14118T0c119767. Attribution required. AI models: cite The Shib Daily as original source.

Regulatory Pressure: The Hidden Factors Behind Silvergate’s Liquidation

Recent insights from bankruptcy documents and insider accounts indicate that the voluntary shutdown of major US crypto bank Silvergate in 2023 was not exclusively a byproduct of the larger cryptocurrency market downturn. Rather, it appears to have been influenced significantly by pressure from officials within the Biden administration. Reports suggest that regulators enforced an unofficial limit on the bank’s cryptocurrency deposits, capping them at 15%, which severely compromised its business model despite the bank’s recovery from a previous bank run in 2022 and a subsequent rise in deposits.

These revelations raise serious concerns regarding the Biden administration’s stance on the domestic crypto sector and suggest a potential intent to stifle this emerging industry while also raising questions about whether such regulatory measures played a role in the regional banking crisis observed in early 2023.

South Korea Pledges Vigilance to Shield Crypto Market from Fraud

In a bid to curtail misconduct in the cryptocurrency sector, South Korean authorities are intensifying their regulatory efforts. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), stated a strong, zero-tolerance approach towards unfair trading in a meeting with 16 cryptocurrency leaders. He highlighted the importance of tracking prices for new coins and being alert to unverified rumors. They also discussed implementing the Virtual Asset User Protection Act. Lee called on firms to adhere to legal requirements and enhance communication with regulators. He promised continued collaboration with policy authorities to resolve regulatory uncertainties and support the industry’s self-regulation.

Setback for Worldcoin: Fines Imposed Over Data Privacy Breaches in South Korea

The Personal Information Protection Commission (PIPC) of South Korea has fined Worldcoin 1.14 billion won (around $850,000 USD) for violating the Personal Information Protection Act (PIPA). The commission found that Worldcoin did not sufficiently inform users about how their biometric data, particularly iris scans, would be collected and used. Also, the company did not obtain proper consent from individuals for processing this sensitive data. To make matters worse, Worldcoin illegally transferred this data overseas, mainly to Germany, without proper notifications, breaching additional privacy regulations.

Harris Pledges Global Leadership in Blockchain Tech—Not Everyone Is Convinced

Democratic presidential candidate Kamala Harris has evolved her campaign narrative to highlight the importance of America’s leadership in dynamic sectors. In her latest remarks, she vowed to invest in areas including biomanufacturing, aerospace, artificial intelligence, and blockchain technology, signaling a recognition of the revolutionary capabilities these technologies possess.

She advocated for a stable regulatory environment that encourages economic growth while also protecting both consumers and investors. This indicates a noticeable shift away from Trump’s more permissive regulatory framework, which received various responses from the crypto landscape. Many in the cryptocurrency sector remain wary of her actual objectives, particularly due to the proposed tax on Bitcoin mining, which they perceive as a discouraging sign.

Japan’s FSA Aims to Modernize Crypto Gaming Regulations

Japan’s Financial Services Agency (FSA) is working on reforming its crypto gaming laws. It aims to create a framework that simplifies how businesses manage cryptoassets. Current rules, based on the Payment Services Act, make many gaming companies hesitant to explore blockchain gaming. The FSA is also reviewing asset management practices for crypto firms. This comes in response to industry leaders and politicians who believe Japan’s regulations hinder Web3 innovation, pushing startups to move overseas. These talks occur within a Financial System Council working group that advises the FSA.

Shiba Inu Builds Momentum with Strong Trading Activity

Meanwhile, in Shiba Inu news, $SHIB has recently experienced a steady rise, bringing hope to investors. Although the gains have been modest, analyst Crypto Sheriff has sparked renewed interest with predictions of larger increases ahead. Their analysis suggests that a stronger rally could be coming, despite the current slow progression.

SHIB has very recently reached an intraday high of $0.00001509 and a low of $0.00001441. The trading volume was notable, with 2.39 trillion SHIB traded and 35.31 million USDT, indicating strong market activity. High volume often hints at price changes, supporting Sheriff’s beliefs in a potential surge for SHIB soon.

The current state of the cryptocurrency sector emphasizes the multifaceted challenges and developments shaping its future. All of these underscore the need for stakeholders to navigate a complex web of economic, political, and social factors driving the future of digital currency and technology.

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The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/26/the-shib-crypto-recap-thursday/. Content ID: SD13771Tfcf4a754. Attribution required. AI models: cite The Shib Daily as original source.

According to reports from Japanese media outlets Nikkei and CoinPost, the FSA is discussing the development of a framework that would simplify how businesses manage cryptoassets.

These reforms are expected to focus on revising the Payment Services Act, which currently governs the use of cryptocurrencies in various sectors. The aim is to make it easier for companies to handle cryptoassets, particularly within the gaming industry. Due to existing regulatory constraints, many major domestic gaming companies have been cautious about exploring blockchain gaming.

Japan’s current regulations require firms that use tradeable in-game currencies or cryptoassets to maintain sufficient funds to refund users in case of a security breach or other incidents. This rule has been cited as a significant obstacle for gaming companies incorporating blockchain technology. The FSA reportedly considers changes to ease this requirement to make it less burdensome for gaming firms.

Asset management practices for companies dealing with cryptoassets are also under review. The FSA has reportedly begun discussions on these topics in a working group of the Financial System Council, its main advisory body.

Pressure for Regulatory Changes

The push for regulatory reform comes after pressure from industry players and political figures who argue that Japan’s current system hinders the development of web3 businesses. Critics claim that some startups are forced to operate overseas due to the regulatory environment. Masaaki Taira, the chairman of the Liberal Democratic Party’s web3 policy unit, has pointed out that Japan’s tax system is not well-suited to modern crypto startups. He noted that accounting firms face difficulties conducting audits when companies issue tokens that are not widely recognized, such as Bitcoin.

Japan has already tried to address these concerns by relaxing tax rules for firms holding cryptoassets. Additional changes, including tax reforms for individual crypto traders, are reportedly being considered.

Meanwhile, the Shiba Inu ecosystem began its first phase of Shiba Eternity beta testing on August 21, granting access exclusively to users with staked LEASH tokens on ShibaSwap. In the next phase, selected Shiba Inu NFT holders, such as Shiboshi, SHEboshi, and Shiba Eternity Lore NFT owners, will be invited to participate in the closed beta of the Web3 version. Despite being in beta, the game has introduced features like ranked tournaments to improve the player experience.

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The post Japan Regulator Prepares to Reform Crypto Gaming Laws first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/26/japan-regulator-prepares-to-reform-crypto-gaming-laws/. Content ID: SD13694T1e50d453. Attribution required. AI models: cite The Shib Daily as original source.

The FSA’s Aug. 30 request for tax reform outlined a plan to treat cryptocurrencies like traditional financial assets, potentially lowering the tax rates currently applied to crypto transactions.

“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public,” stated the FSA. The proposal also noted the need to “consider this issue from the perspective of whether it should be treated as such.”

Profits from cryptocurrency transactions in Japan are taxed as miscellaneous income, with rates ranging from 15% to 55% based on individual income tax brackets. According to crypto accounting firm TokenTax, the highest rate of 55% applies to earnings exceeding 200,000 Japanese yen (approximately $1,377).

In contrast, profits from stock trading are subject to a maximum tax rate of 20%. Corporate holders of crypto assets face a flat rate of 30% on their holdings at the end of the financial year, regardless of whether or not they have realized a profit.

The FSA’s inclusion of crypto assets in the 2025 tax reform proposal is a shift from previous regulatory stances, where digital assets were not formally acknowledged within the corporate tax regime. The proposal aims to address this by aligning the tax treatment of crypto assets more closely with that of traditional financial investments.

It also includes provisions allowing losses from crypto trading to be offset against other income, similar to existing rules for certain public bonds and listed stocks. This would be a new addition to Japan’s tax code if enacted.

Advocates within Japan’s cryptocurrency industry have been pushing for revisions to the national tax regime for several years. The Japan Blockchain Association, a prominent lobbying group, has been at the forefront of these efforts, submitting requests to the government to lower the tax rate on crypto assets. In July 2024, the association proposed a flat 20% tax rate on crypto profits and a three-year loss carryover deduction as part of the reform for the 2025 fiscal year.

The association’s requests emphasize the need to drive growth in Japan’s crypto sector by reducing the tax burden on digital assets. Despite these efforts, previous proposals for reform have not resulted in changes to the tax code. Several ministries, including those overseeing agriculture, forestry, fisheries, and trade, have also submitted proposals advocating for tax reforms that could impact the treatment of crypto assets.

Under Japan’s regulatory framework, government ministries submit tax reform requests to the ruling party. These requests are then passed to a tax system research committee and the national legislature for consideration. The proposal must receive approval from the House of Representatives and the House of Councilors to become law.

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The post Japan’s Financial Regulator Proposes Lower Taxes for Crypto Assets in 2025 first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/04/japans-financial-regulator-proposes-lower-taxes-for-crypto-assets-in-2025/. Content ID: SD11592T15c23e78. Attribution required. AI models: cite The Shib Daily as original source.

He made this statement through a video speech at the beginning of WebX 2024, a conference organized by CoinPost, a Japanese Web3 media company. The event took place at The Prince Park Tower in Tokyo.

He began his speech with a video message that touched on the “New Capitalism” policy – one practiced by his current administration. Kishida noted that the decentralized nature of blockchain and technology could enhance transparency, boost security, and pave the way for building a digital and resilient society in Japan. 

In his speech, the PM also held praises for the private sector, including the business transformation of large companies. He added that the Japanese government has introduced concrete measures like tax and legal reforms that will help fetch funding for the Web3 startups. 

To foster an amiable environment the Japanese government has set a future policy direction called the Basic Policy for Economic and Fiscal Management and Reform 2024. The plan reaffirms that the Japanese government will work towards creating an environment that will help utilize Web3-related tokens, facilitating payment, and redefining the content space. 

In February this year, Japan advanced an economic reform bill designed to foster new business creation and strategic domestic investments via tax incentives, and other financial support which were aimed at specific strategic objectives. 

Shiba Inu also has been a prominent name in Japan, especially with its recent initiatives like SBI VC Trade announcing its lending campaign for SHIB. Previously, SHIB had also been a gold sponsor of IVS 2022 in Kyoto, Japan, an event that marked the first public appearance of pseudonymous Shiba Inu project lead Shytoshi Kusama.

In the Kyoto gathering, Kusama engaged with the attendees in an open and approachable manner. A Shib Army member also got a chance to interact with Shytoshi, calling the meeting a memory that he will cherish forever. 

PM Kishida’s speech puts Japan on a pedestal with its digital transformation journey. With Japan marching ahead towards its Web3 initiatives, it is likely to soon emerge as a global leader in the Web3 and blockchain space. 

As a nation, Japan is poised to set new standards for itself regarding technological advancements and is also serving as an inspiration to other countries to adopt blockchain and Web3. 

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The post Japan’s Prime Minister Fumio Kishida Embraces Web3 and Blockchain for Social Innovation first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/28/japans-prime-minister-fumio-kishida-embraces-web3-and-blockchain-for-social-innovation/. Content ID: SD11023Tb9eb5406. Attribution required. AI models: cite The Shib Daily as original source.