Japan Restructures Web3 And Crypto Policy Department

According to PANews, Japan's new Digital Minister, Masaaki Taira, announced on November 27 at a forum that Prime Minister Shigeru Ishiba has reorganized the ruling party's Web3 and cryptocurrency policy-making department. Taira explained that the ruling Liberal Democratic Party will dissolve the existing Web3 project team and establish a dedicated unit within the party's Digital Society Promotion Department. Akihisa Shiozaki, the former secretary-general of the Web3 project team, will lead this new unit. The government has stated that it does not intend to hinder the "promotion" of Web3-related businesses. The project team was initially the brainchild of former Prime Minister Fumio Kishida, who resigned from his position as Prime Minister and party leader earlier this year. Kishida viewed Web3 and cryptocurrencies as potential growth engines for Japan's economy and advocated for the adoption of blockchain technology and NFTs. Shigeru Ishiba has expressed his support for Web3 policies, and Masaaki Taira, who also previously led the Web3 project team, has discussed the need to reform Japan's cryptocurrency tax laws. Since the reorganization, Shiozaki's social media profile has been updated, but references to "Web3 policy" have not been removed. The government has yet to clarify the full responsibilities of the Digital Society Promotion Department.