Akihisa Shiozaki, a member of Japan's House of Representatives representing Ehime 1st District, announced that his Web3 Working Group has published a regulatory reform proposal to classify crypto assets separately from securities. This statement was made on X on March 6.
"The Web3 Working Group of the LDP's Digital Society Promotion Headquarters has published a regulatory reform proposal," said Akihisa Shiozaki, House Rep (Ehime 1st District). "The proposal positions crypto assets as a new asset class, distinct from securities under the Financial Instruments and Exchange Act. It aims to promote market development, ensure investor protection, and introduce separate taxation for crypto assets. We are accepting public comments and proposals on the reform until March 31."
According to the Liberal Democratic Party's (LDP) Interim Proposal on Web3 Policy, published in December 2022, the LDP's Digital Society Promotion Headquarters established the NFT Policy Study Project Team in January 2022. This team released the "NFT White Paper" in April 2022, positioning non-fungible tokens (NFTs) as catalysts for the Web3 era. The proposal emphasized the need to resolve legal, tax, and accounting issues to enhance Japan's competitiveness in the digital economy.
As reported by Cointelegraph, Japan's Financial Services Agency (FSA) has proposed a comprehensive overhaul of the tax code for fiscal year 2025, aiming to lower the tax rate on crypto assets. The FSA advocates for treating cryptocurrencies as traditional financial assets, which would make them more accessible for public investment.
According to CoinMarketCap, Japan is preparing significant regulatory changes for the cryptocurrency sector, including the potential approval of Bitcoin spot exchange-traded funds (ETFs) by 2025. This move is expected to provide institutional investors with more secure and regulated avenues for cryptocurrency investments, further integrating digital assets into Japan's financial system.
As reported by Blockhead, Shiozaki has been a prominent figure in Japan's political landscape, particularly in the realm of digital policy. He has actively participated in shaping policies related to financial regulation and technological innovation. His leadership in the newly formed crypto-focused unit within the LDP's Digital Society Promotion Department underscores his commitment to advancing Japan's position in the global digital economy.