With new tax reform implementations aimed at promoting the Web3 industry, Japan is acting to strengthen its Web3 industry. During Tokyo's WebX Conference, the largest cryptocurrency event in Japan, Japan's Minister of Economy, Trade, and Industry, Takeru Saito, referenced the importance of Web3 technology on August 28. Saito presented a plan for creating more Web3 use cases in Japan using these tax reforms targeting the nurturing of Web spaces.
The Minister was talking about the huge potential in the Web3 and blockchain industries from the land of the rising sun and how Japan can be at the front regarding the same. "The government wants to provide such an environment about Web3 growth in Japan where the companies and developers around the world will get attracted. Web3 platforms supporting Web3 growth in Japan could play a key role in this transformation. Blockchain technology could be one of the answers to some of the social problems that Japan is facing today, says Saito, who has been on the same page as PM Fumio Kishida regarding this issue.
Prime Minister Kishida recently stressed that Web3 and blockchain technologies are solutions to several problems Japanese society faces. He then presented several mechanisms: creating an environment friendly for Web3; the possibility to use Web3-related tokens; the facilitation of digital payments; and the reinvigoration of the content industry. All these initiatives can be thought of as Japan's commitment to becoming a leading player within the realm of Web3. Innovative NFT platforms for blockchain technology are well-positioned to benefit from these advancements.
In addition to the efforts being made by the government, crypto adoption is also gaining momentum among the institutional investors of Japan. A result of one such survey conducted by Nomura Holdings and its virtual asset arm Laser Digital came forward a few days ago, which showed that over half of the institutional investors surveyed intend to invest in the crypto sector over the next three years. That study canvassed 547 investment managers a significant body view of crypto as a valuable tool for portfolio diversification, offering low correlation with other assets, being an inflation hedge, high return potential, and access to a 24/7 marketplace.
It also showed that 66% of the respondents would like to invest 2-5% in the next few years in crypto. Moreover, 25% of the respondents held a positive view of crypto assets, which speaks to a bright future for Japan's crypto market. Development in cryptocurrency ETFs, investment trusts, and staking and lending services in Japan are some of the main drivers for increasing interest. Exploring NFT platforms in the Web3 space aligns with these growth trends.
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