🌋 In the Shadow of Sakura: Japan's Untapped Liquidity
posted 21 Feb 2024
Director Ryo Matsubara of Japan's GameFi project, Oasys, stood as the voice of the blockchain community in discussions with the governing Liberal Democratic Party. These crucial talks, held with the LDP's Web3 Project team, tackled the intricacies of Japan's blockchain gaming industry.
Matsubara pinpointed a critical issue: a fine line between beneficial regulation in the crypto industry and overly stringent restrictions that diminish market liquidity and impede GameFi sector growth.
If Japan recover its liquidity, it will be hottest market as we have a lot of attractive contents,stated Matsubara.
This sentiment underlines a gradual shift in the Japanese government's approach, which was initially cautious about cryptocurrencies.
Prime Minister Fumio Kishida's administration has recently consented to legislative amendments to facilitate digital asset transactions for institutional investors. Kishida's team is dedicated to creating an environment conducive to Web3 project growth, including modifying crypto profit taxation.
Presently, Japan's FSA counsels banks to regulate and vet transactions involving crypto exchanges, potentially curtailing the growth of the P2P market and related crypto economic sectors.
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