In addition to Sony, Nippon Telegraph and Telephone Corporation (NTT), Toyota Motor Corporation and Mitsubishi UFJ Financial Group are also exploring blockchain projects, Wu reported. Mitsubishi UFJ Financial Group is studying the issuance of a stablecoin.
Under Prime Minister Fumio Kishida, regulators have streamlined the process for cryptocurrency exchanges to list digital tokens and made web3 a priority. However, Kishidaâs term is coming to an end, and it is unclear whether his successor will continue to support web3.
The main issue facing industry players is that traditional investment gains are taxed at 20%, while cryptocurrency gains are taxed at up to 55%.
Japanâs crypto trading activity is recovering from a slump, with average monthly trading volume on Japanese CEXs approaching $10 billion, up from $6.2 billion in 2023, according to CCData.
