In a recent interview on Wednesday, Japanese legislators Masaaki Taira and Hideto Kawasaki stated that they would like to establish Web3 laws for the country.
The nation has been considering many approaches to Web3 regulation. A blog post stated that the Web3 project team (web3PT) of the Liberal Democrat Party produced a whitepaper in April 2023 and pledged to hold talks “with the aim of developing various Web3 projects using blockchain technology.”
At the end of 2023, they also held a hackathon for the creation of rules for decentralised autonomous organisations (DAOs), where stakeholders may voice their preferences to lawmakers. “It was evident from the hackathon that there were short-term and medium- to long-term issues,” said Kawasaki, the executive director of the web3PT, added.
One significant area of worry is the lack of clarity surrounding DAO and whether or not businesses must use smart contracts in order to be classified as DAOs. Taira, the web3PT chair, believes that this issue will eventually be resolved.
Kawaski stated, “The next step is to clearly reflect this in the next white paper,” and that legislation for DAOs would need to be created. “In addition, we would like to understand the state of affairs in domains other than DAOs and pinpoint fresh, crucial policy issues within web3PT.”
Additionally, the web3PT was successful in educating and persuading the party’s tax system inquiry committee to approve tax reform for third-party ownership. The cabinet adopted the Liberal Democratic Party’s tax reform plan at the end of December, which included a study of holding cryptocurrency assets issued by other companies. Kawaski is now concerned with seeing that this reform is carried out.