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Fumio Kishida, the Prime Minister led Japanese government, has championed Web3 development and regulation before the upcoming party elections in September, as the ruling Liberal Democratic Party (LDP) is struggling with record-low support, potentially spelling uncertainty for the future of Web3 policy and progress.
Japan’s Prime Minister Fumio Kishida and his ruling Liberal Party (LDP) have developed and designed the country’s Web3 strategy in combination with regulations and plans for the crypto sector. However, reports of an alleged corruption scandal have raised seriouos concerns about the party’s future and Japan’s overall future in crypto and Web3.
Upcoming Elections In September
The party has managed to maintain its power for almost seventy years now, with a few short interruptions in 1993 and 2003. The party will have an internal election this month and is developing to have its party election in September this year.
According to some political analysts, the current Prime Minister of Japan, who referred to Web3 as a new form of capitalism, can be replaced by his position as party president.
In 2023, Japan became one of the most developed countries to regulate stablecoins. These are crypto assets paired or linked with the valuations of prominent fiat currencies or other bigger assets. Kishida’s government found an opportunity and a foundation for growth when other countries were detaching themselves from the scandal-promoting cryptoverse when the crypto market collapsed in 2022.
Drivers Of Growth In Kishida’s Government
The cabinets of the ruling government have a dedicated Web3 Project team, which also released a whitepaper in 2023. The released whitepapers outline and discuss the national non-fungible token (NFT) and decentralized autonomous organization (DAO) strategies. The same team is currently working to introduce new Web3 policies.
The LDP is also working on a proposal for corporate tax cuts. The new taxation policies will pave the way for venture capitalist firms to hold and own their investments in cryptocurrencies. Nevertheless, the future of the Web3 project team and all these exciting projects still needs to be improved, given the uncertain future of the ruling party and the political career of Fumio Kishida.
The Web3 Project team’s Web3 whitepaper has been utilized in more than 160 ongoing Web3 projects across Japan. Many of these Web3 projects are working to preserve or safeguard the country’s extinct or vanishing traditions and rural villages.
How Kishida Has Responded To The Scandal
The Prime Minister has promised and is dedicated to taking disciplinary action against party members who were involved in the 2023 crypto scandal. Three lawmakers and a few of his political aides were reportedly involved in the scandal. These individuals were already arrested on accusations of taking kickbacks before the dissolution of the lower powerhouse.
However, Kishida and the Liberal Democratic Party are receiving threats that they will be ousted from power in the upcoming elections scheduled for September 2024. The forthcoming polls can substantially impact the country’s future of crypto and Web3.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
