Japan's newly appointed Prime Minister Shigeru Ishiba appoints the Chairman of the Liberal Democratic Party's Web3 project as the Minister of Digital Affairs

According to Japanese media Coinpost, Japan's new Prime Minister Shigeru Ishiba confirmed the policy of cabinet personnel transfer on the 29th and plans to appoint the chairman of the Liberal Democratic Party's Web3 project team, Councilor Hiramatsu, as the new Digital Minister.

Ping Jiangming was first elected as a member of the House of Representatives in Tokyo's 4th district in 2005. He has served as Deputy Minister of the Cabinet Office, Minister of Economy, Trade and Industry, and as the head of the relevant project team in the field of AI (Artificial Intelligence). He has long been regarded as a member of the Stone Breaker faction and has profound experience in the digital field.

The Web3 project team, chaired by Councilor Hirai, held a joint meeting with the "Digital Society Promotion Headquarters" led by the first Digital Minister, Takuya Hirai, in April this year, and rewrote a new guiding white paper. This white paper has the vision of "Japan becoming the center of the Web3 era" and looks forward to the future where new technologies become the foundation of society. It lists the core issues that need to be addressed to promote Web3 and provides in-depth discussions and suggestions for its further development.

In terms of tax reform, the white paper discusses relevant tax policies for encrypted assets (virtual currencies), including separate taxation for the declaration of transaction gains and losses, as well as suggestions for non taxation on transactions between virtual currencies.

In addition, the white paper also proposes development recommendations for areas such as DAO (decentralized autonomous organizations), stablecoins, security tokens, NFT (non fungible tokens), etc. This white paper has been highly praised by the industry, as it incorporates the needs and opinions of most industries.

The document was reviewed by the Liberal Democratic Party's Government Affairs Investigation Committee in May and officially submitted to Prime Minister Kishida by the Digital Society Promotion Headquarters as part of the "Digital Japan 2024" plan.

It is reported that the tax reform from 2023 to 2024 will allow Japanese companies to only pay taxes on the profits generated from the sale of tokens. This measure lowers the threshold for enterprises to hold self issued tokens and provides more convenience for long-term investment, governance, and staking of virtual currencies, which is expected to have a positive impact on the development of this field.