Japanese Lawmakers Aim to Establish New Web3 Policies: A CoinDesk Japan Review

• Japanese Policymakers Masaaki Taira and Hideto Kawasaki Shape Web3 Policies
• Web3 Project Team's Commitments
• Hosting a DAO Rulemaking Hackathon
• Addressing Concerns Over DAOs
• Future Steps for DAO Regulation
• Successful Tax Reform for Third-Party Ownership

Japanese Policymakers Masaaki Taira and Hideto Kawasaki Shape Web3 Policies

Japanese congressmen Masaaki Taira and Hideto Kawasaki expressed their intention to formulate Web3 policies for Japan in a recent interview with The Source Japan. The nation has been exploring various strategies to regulate Web3.

Web3 Project Team's Commitments

In April 2023, the Liberal Democrat Party's Web3 project team (web3PT) issued a whitepaper. They pledged to foster dialogues to foster numerous Web3 projects using blockchain technology, as stated in a blog post.

Hosting a DAO Rulemaking Hackathon

At the end of 2023, the team also organized a decentralized autonomous organization (DAO) rulemaking hackathon. Here, stakeholders had the opportunity to share their expectations from policy creators. Kawasaki, an executive director of web3PT, noted that both immediate and long-term issues were highlighted through this hackathon.

Addressing Concerns Over DAOs

One significant concern is the need for more clarity around DAOs. Questions like whether or not companies must incorporate a smart contract to qualify as a DAO are prevalent. Taira, the chair of the web3PT, believes these issues will get resolved over time.

Future Steps for DAO Regulation

"The next objective is to explicitly mirror these insights in our next white paper," Kawaski stated, highlighting the need to formulate regulations for DAOs. He further articulated the team's desire to comprehend the current state in areas outside of DAOs and to pinpoint new essential policy points within web3PT.

Successful Tax Reform for Third-Party Ownership

The web3PT was successful in persuading the party's tax system investigation committee to understand and agree on a tax reform for third-party ownership. This reform was included in the Liberal Democratic Party's tax reform outline, which also considered the holding of crypto assets issued by different companies. The cabinet approved this outline at the end of December. Kawasaki has expressed his interest in ensuring the implementation of this reform.

Edited by Jonathan Stoker