With Japan’s new prime minister in place, a new digital minister (“Minister for Digital Transformation”) will also be taking over, known by supporters for his advocacy of AI and web3 development. Masaaki Taira is also looked to with desperate hope for lowering Japan’s crypto tax rates.
Japanese X is currently abuzz with talk of tax cuts and crypto optimism. This is due to the newly announced appointment of politician Masaaki Taira as digital minister (official English title: “Minister for Digital Transformation”), who was tapped by just-elected Japanese PM Shigeru Ishiba.
Taira is a Liberal Democratic Party (LDP) figure involved in myriad web3 and AI projects, as the Japanese state seeks to regulate economic and online activities and shift policy into the digital realm. Some of this includes the governance of artificial intelligence to make sure it is developed in a “responsible” manner.
The entrance of Ishiba as prime minister and the recent release of a document from his website have many crypto heads chattering about a mention of NFTs leveraged for state purposes.
However, the plans do not address the matter in much detail, stating broadly (translated by Google): “We will utilize blockchain technology and NFTs to revalue and maximize the value of various analog aspects of regional areas, such as food and tourism experiences, in global prices.”
Taira’s Ripple connection, tax positions
In September, Ripple CEO Brad Garlinghouse met with Taira and praised Japan for it’s “constructive policy” regarding blockchain and crypto. As such, fans of Ripple and XRP in Japan view the LDP politician as a glimmer of hope for a country where crypto gains can be taxed astronomically — up to 55%.
Historically, Taira has spoken about the need for tax breaks when it comes to entrepreneurs and startups. This, combined with his massive participation in government programs related to AI and web3, has some Japanese crypto enthusiasts hopeful tax relief may be on the horizon.
But others aren’t so convinced. Reports of illegitimate political donations, and protests about web3 being the last thing that matters now, temper the tax buzz. One user of X insulted the politician by asking him to do his best with the “butt wipes” (and insult implying the politician is infantile) and noted: “This is not the time for meaningless policies like Web3.”
Taira will succeed current minister Taro Kono in the position. Kono is known for having advocated “bloody” reform in the country by ending businesses that are not succeeding.
