The Japanese gaming community that operates on the blockchain has reached out to the Liberal Democratic Party (LDP) in search of assistance to enhance liquidity in Japan’s crypto asset market.
On February 21st, Ryo Matsubara, the director of Oasys, a GameFi blockchain, visited the LDP’s headquarters for the promotion of digital society on behalf of Japanese blockchain gaming projects in order to discuss the current state of affairs.
Matsubara acknowledged that the recently implemented taxation laws and the LPS Act have made it easier for startups to conduct business. However, he expressed concerns about the strict regulations that have hindered liquidity in Japan, which in turn impedes the growth of the GameFi ecosystem.
By implementing regulations that encourage users to invest safely in cryptocurrencies and the blockchain economy, liquidity can experience immediate growth through an increase in the number of buyers and sellers. Oasys intends to continue working with the government to ensure that the Japanese Web3 market remains globally competitive. Matsubara believes that Japan has the potential to reclaim its iconic gaming history on Web3:
Although Japan initially had reservations about adopting cryptocurrencies, it has recently become more receptive to the technology.
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In September 2023, the Japanese government reportedly began planning to permit startups to raise public funds through the issuance of crypto assets. At that time, Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry. He also emphasized its potential to revolutionize the internet and ignite social change.
More recently, the Financial Services Agency, Japan’s primary financial regulator, proposed several measures to protect users from “illegal transfers” to crypto exchanges, which could significantly impact the peer-to-peer transactions market.
The FSA and the National Police Agency have encouraged banks to safeguard users by implementing various key initiatives, including extending the suspension of crypto transfers with mismatched names to both individual and corporate accounts.
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