Japanese congressmen Masaaki Taira and Hideto Kawasaki are keen to formulate policies for Web3 in the country, they said in an interview with CoinDesk Japan on Wednesday.
The country has explored various ways to regulate Web3. In April 2023, the Liberal Democratic Party’s Web3 Project Team (web3PT) released a white paper and pledged to hold discussions “with the aim of developing various Web3 projects using blockchain technology,” according to a blog post.
In late 2023, they also hosted a Decentralized Autonomous Organization (DAO) rulemaking hackathon, where stakeholders could express what they wanted from policymakers. “The hackathon highlighted both short-term and medium-to-long-term issues,” added Kawasaki, who is also executive director of web3PT.
One notable concern is that there needs to be more clarity around DAO and whether or not companies need to implement a smart contract to classify as DAO, something that Taira, president of web3PT, believes will become clearer over time limited. .
“The next step is to clearly reflect this in the next white paper,” Kawaski said, adding that they should develop regulations for DAOs. “We also want to map the current situation in areas other than DAOs and identify new important policy points within web3PT.”
The web3PT also managed to get the party’s Tax System Investigative Committee to understand and approve the tax reforms for third-party property. The Liberal Democratic Party’s tax reform scheme, which included a review of ownership of crypto assets issued by other companies, was approved by the Cabinet in late December. Now Kawaski wants to ensure that this reform is implemented.
