Japan's Web3 white paper pushes for tech-agnostic innovation, better tax regulations, and a clearer path for DAOs. Will the Land of the Rising Sun become the Land of Crypto?
In contrast to other governments seeking to implement consumer protection regulations, Japan is striving to establish a more welcoming atmosphere for cryptocurrency, as many companies have relocated to other countries due toAccording to the white paper, Japan must exhibit leadership during this year’s G7 summit, which will address cryptocurrency issues.
Additionally, the white paper recommends additional modifications to tax regulations, acknowledging that a notable exception for token issuers has already been granted. These include tax exemptions for companies that possess tokens issued by other firms that are not meant to be traded in the short term.
The white paper identifies a pressing concern regarding the absence of accounting standards, which has made it challenging for Web3 enterprises to locate auditors. The document recommends that ministries and agencies assist the Japanese Institute of Certified Public Accountants in creating guidelines. Additionally, it suggests that a DAO law be established, modeled after Japan’s, which is comparable to a limited liability company.
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