A Japanese Crypto Champion Wins Seat in the House of Councilors, Pushing for Crypto Adoption

A Japanese crypto advocate, recognized as a leader in the industry, has been elected to a position in the House of Councilors, the lower house of Japan's parliament.

A Japanese cryptocurrency advocate has won a seat in parliament.

Tim Alper Last updated: January 21, 2024 23:22 EST | 2 min read

Japanese Lawmaker Takeshi Fujimaki, a former advocate of crypto and blockchain, has been restored to the House of Councilors, Japan’s lower parliamentary house. Fujimaki, a strong proponent of crypto tax reform, crypto ETF approval, and pro-crypto business policies, has always been vocal about the potential of blockchain and cryptoassets for Japan’s future growth and economy.

New Chapter: A Crypto Champion Returns to Power

A leading Japanese crypto advocate has won a seat in the House of Councilors, the nation’s lower parliamentary house. Takeshi Fujimaki, a former lawmaker who lost his seat in the 2019 election, has been restored to the house under proportional representation rules. He will fill the vacancy left by a deceased lawmaker.

Fujimaki, a 73-year-old champion of crypto and blockchain, is known for his strong support of crypto tax reform, US-style crypto ETF approval, and the wider adoption of pro-crypto business policies. In 2019, he urged the government to scrap taxes on crypto-to-crypto trading and waive taxes on micropayments made in crypto. With his return to power, Fujimaki is poised to continue advocating for crypto-friendly policies.

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Chapter 1: The Rise and Fall of Fujimaki

Takeshi Fujimaki first won election to the House of Councilors in 2013. However, he lost his seat in the 2019 election when he stood as a proportional representation candidate for the Japan Restoration Party.

Chapter 2: Fujimaki’s Vision for Japan’s Crypto Future

Fujimaki, who has previously worked as the Tokyo branch manager of international financial institutions, has been a vocal supporter of the “importance of blockchain and cryptoassets.” He believes that these sectors can contribute greatly to Japan’s future growth and revitalize the country’s economy. According to Fujimaki, blockchain and crypto have the potential to attract capital and talent from around the world, positioning Tokyo as a global hub for innovation and investment.

Chapter 3: Growing Interest in Crypto Adoption

Fujimaki is not the only Japanese politician expressing an interest in fostering the crypto sector. Yuichiro Tamaki, the Leader of the opposition Democratic Party for the People, has also shown support for promoting Web3 and the token economy. Tamaki’s party even proposes taxing cryptocurrencies at a flat rate of 20%, separate from income tax declarations.

Other politicians, such as MP Shun Otokita of the Japan Innovation Party and the ruling Liberal Party’s web3 taskforce, have called for changes in the crypto tax laws and payment methods.

Chapter 4: Q&A – What Else Should Crypto Enthusiasts Know?

Q: What impact can Fujimaki’s return to power have on the adoption of crypto in Japan?

A: Fujimaki’s strong presence in the House of Councilors can significantly influence policy decisions regarding crypto regulation, tax reforms, and the approval of crypto ETFs. With his support and expertise, there may be an increased likelihood of favorable regulations and a more welcoming environment for crypto businesses in Japan.

Q: What are the potential benefits of adopting crypto-friendly policies in Japan?

A: Embracing crypto can attract global capital and talent to Japan, stimulating economic growth and innovation. The use of blockchain technology can also enhance efficiency and transparency in various industries, contributing to the overall development of the country.

Q: What are the risks associated with crypto adoption?

A: While the potential benefits of crypto adoption are significant, there are risks to consider, such as security vulnerabilities, fraudulent activities, and market instability. Regulators must strike a balance between fostering innovation and protecting investors’ interests to ensure the responsible growth of the crypto sector.

Chapter 5: Looking Ahead – The Future of Crypto in Japan

The return of Fujimaki to the House of Councilors indicates a growing interest in crypto adoption among Japanese lawmakers. With continued advocacy and the introduction of favorable policies, Japan has the potential to become a global leader in blockchain technology and cryptoassets. However, careful regulation and oversight will be necessary to address potential risks and ensure the long-term stability of the crypto market.

References:

1. Japanese Crypto Newbies Flock to Mercari and Rakuten Wallet
2. Future of Crypto Taxes & Regulations: What Could They Look Like in India? Insights from an Expert
3. Senator Thom Tillis Adds His Voice in Opposition to Warren’s Anti-Crypto Bill
4. Crypto Investors Beware: IRS Crypto Tax Reporting Rules on $10K+ Transactions Are in Effect
5. Fiat-Crypto Payment Firm Alchemy Pay Adds Binance’s Crypto Card

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