In recent times, state policymakers made a U-turn and have taken multiple initiatives to strengthen the country’s economic growth and to support and nurture local blockchain startups. To encourage Japanese residents to invest their savings in the country’s Web3 ventures and equities, FSA, the Financial Service Agency of Japan, announced tax cuts for crypto investors in august this year.

While speaking on the government’s move to implement refined regulations for crypto exchanges, Masaaki Taira, Head of the Web 3 project of Japan’s ruling Liberal Democratic Party, added in an interview that “it’s still not enough.” Taira said that the government must work on easing the rules to a significant extent to rejuvenate the country’s crypto market.

The Japan Virtual and Crypto assets Exchange Association (JVCEA), the country’s self-regulatory body which monitors the crypto exchanges within its border, was reported to focus on easing the tedious process of screening tokens before getting listed on crypto exchanges.（by Alyz）