According to CoinDesk, Japanese congressmen Masaaki Taira and Hideto Kawasaki are working towards developing policies for Web3 in Japan. In April 2023, the Liberal Democrat Party’s Web3 project team (web3PT) released a whitepaper and committed to discussions for developing various Web3 projects using blockchain technology. The team also hosted a decentralized autonomous organization (DAO) rulemaking hackathon at the end of 2023, where stakeholders could express their expectations from policymakers.
Kawasaki, the executive director of web3PT, stated that both short-term and long-term issues became clear through the hackathon. One area of concern is the need for more clarity around DAOs and whether companies need to implement a smart contract to classify as a DAO. Taira, the chair of web3PT, believes this will become clearer with time. The next step is to reflect these findings in the next white paper and develop regulations for DAOs, according to Kawasaki. The web3PT also aims to identify new important points for policy within the project team.
The web3PT successfully got the party’s tax system investigation committee to understand and pass tax reform for third-party ownership. The Liberal Democratic Party’s tax reform outline, which included a review of the holding of crypto assets issued by other companies, was approved by the cabinet at the end of December. Kawasaki now wants to ensure the implementation of this reform.