According to Japanese media outlet Coinpost, reported, Japan's new Prime Minister, Shigeru Ishiba, confirmed his cabinet personnel reshuffle policy on the 29th and plans to appoint Masaki Hira, chairman of the Liberal Democratic Party's Web3 project team, as the new Digital Minister.

Hira was first elected to the House of Representatives in Tokyo's 4th district in 2005. He has served as Deputy Minister of the Cabinet Office, Parliamentary Vice-Minister of Economy, Trade and Industry, and has been the chair of related project teams in the AI (artificial intelligence) field. He has long been considered a member of the Ishiba faction and has extensive experience in the digital field.

The Web3 project team chaired by Hira held a joint meeting with the "Digital Society Promotion Headquarters" led by the first Digital Minister, Takaya Hirai, in April this year, and they revised a new policy guideline white paper. The white paper envisions "Japan becoming the center of the Web3 era," outlining the future of new technology becoming the foundation of society, listing key issues that need to be addressed to promote Web3, and providing in-depth discussions and recommendations for its further development.

In terms of tax reform, the white paper discussed tax policies related to crypto assets (virtual currencies), including proposals to separate taxation of trading profits and losses, and exempting transactions between virtual currencies.

In addition, the white paper proposed development recommendations for areas such as DAOs (Decentralized Autonomous Organizations), stablecoins, security tokens, and NFTs (Non-Fungible Tokens). The white paper has been highly regarded by the industry, as it is believed to incorporate the needs and opinions of most industries.

The document was reviewed by the Liberal Democratic Party's Policy Research Council in May and officially submitted to Prime Minister Kishida by the Digital Society Promotion Headquarters as part of the "Digital Japan 2024" plan.

It is reported that tax reforms from 2023 to 2024 will allow Japanese companies to pay taxes only on the income generated from selling tokens. This move lowers the threshold for businesses to hold self-issued tokens and provides more convenience for holding virtual currencies for long-term investment, governance, and staking, among other aspects. This is expected to have a positive impact on the development of the field.