The Japanese blockchain gaming community is seeking political support to enhance liquidity in Japan’s crypto asset market.
The director of Oasys, a GameFi blockchain, represented Japanese blockchain gaming projects during a visit to the Liberal Democratic Party (LDP) to discuss the current state of affairs. While acknowledging the positive impact of taxation laws and the LPS Act, he expressed concerns about stringent regulations that have stifled liquidity in Japan.
To address this issue, he emphasized the importance of regulations that encourage safe investment in cryptocurrencies and the blockchain economy. By incentivizing participation, Japan can experience an immediate surge in liquidity.
Oasys intends to continue collaborating with the government to ensure the global competitiveness of the Japanese Web3 market. Matsubara believes that reclaiming liquidity will enable Japan to become a thriving market given its attractive content.
Japan has gradually eased its stance towards cryptocurrency adoption, recognizing its potential. The government has contemplated allowing startups to raise public funds through crypto asset issuance. The National Tax Agency also revised its law to exempt crypto token issuers from corporate taxes on unrealized gains.
However, recent measures proposed by the Financial Services Agency (FSA) could complicate peer-to-peer transactions in the market. The FSA encouraged banks to scrutinize transfers to crypto exchanges when the sender’s name does not match the account name, which raised concerns among users of P2P platforms.
It is important to note that these recommendations are presented as suggestions rather than mandatory requirements. Overall, the Japanese blockchain gaming community seeks political support to boost crypto liquidity and create a thriving market in Japan.
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