Japan Works Towards Friendlier Environment for Crypto Businesses

The Japanese government is planning to change tax laws and develop guidelines for Web3 businesses to provide a “welcoming environment” for crypto companies.

Highlights

• Japanese authorities Discuss Friendlier Environment for Crypto Businesses in the country.
• Group studying potential impact and use of Web3, blockchain, and decentralized technologies on Japan’s economy and government structures, with the Digital Agency of Japan, released a white paper.
• The document states that the Japanese government should “exhibit leadership” in the crypto sector, which G7 members plan to discuss at this year’s summit.
• It also proposes that decentralized autonomous organizations (DAO) be legally recognized as godo kaisha (GK), limited liability companies (LLC) The authors of the document also insist on the development of yen-backed stablecoins.

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