According to Japanese media Coinpost, Japan’s new Prime Minister Shigeru Ishiba determined the cabinet personnel transfer policy on the 29th and plans to appoint Taira Masaaki, chairman of the Liberal Democratic Party’s Web3 project team, as the new digital minister.
Masaaki Taira was first elected to the House of Representatives in Tokyo’s 4th Ward in 2005. He has served successively as Deputy Minister of the Cabinet Office, Minister of Economy, Trade and Industry, and as the head of a related project team in the field of AI (artificial intelligence). He has long been considered a member of the Ishiba sect and has deep experience in the digital field.
The Web3 project team chaired by Representative Hirai held a meeting in April this year jointly with the "Digital Society Promotion Headquarters" led by the first Digital Minister Takuya Hirai, and re-wrote a new white paper on guidelines. With the vision of "Japan becoming the center of the web3 era", this white paper looks forward to a future where new technologies will become the foundation of society, lists the core issues that need to be addressed to promote Web3, and provides in-depth discussions and suggestions for its further development.
In terms of tax reform, the white paper discusses tax policies related to crypto-assets (virtual currencies), including proposals for separate taxation of declarations of transaction profits and losses, and no taxation for transactions between virtual currencies.
In addition, the white paper also puts forward development suggestions for DAO (Decentralized Autonomous Organization), stablecoins, security tokens, NFT (non-fungible tokens) and other fields. This white paper has been highly praised by the industry, which believes that it incorporates the needs and opinions of most industries.
The document was reviewed by the Liberal Democratic Party’s Political Affairs Survey Committee in May and was officially submitted to Prime Minister Kishida by the Digital Society Promotion Headquarters as part of the “Digital Japan 2024” plan.
It is reported that the tax reform from 2023 to 2024 will allow Japanese companies to only pay taxes on the gains generated from selling tokens. This move lowers the threshold for companies to hold self-issued tokens and provides more convenience for long-term investment, governance and pledge of virtual currency retention. It is expected to have a positive impact on the development of this field.
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