Japan’s capital Tokyo is among the forefront of the world metropolitans that is steadily becoming the Cryptocurrency Trading Center, and undoubtedly, politicians in the capital city are looking to strengthen the trend even further.
From the latest, the Tokyo Members of Assembly want to modify the Japanese capital into a “trading center” for cryptocurrencies.
Japan to Transform Tokyo into Cryptocurrency Trading Center
The third term assembly member in question Yuu Ito commented on the various possibilities to strengthen the city’s financial sector by expanding its involvement with the digital asset business.
Nobuko Irie, a fellow Tokyo Metropolitan Assembly member, commented in a similar vein:
“The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy.”
The statement from the family member came after his recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo.
The major challenges to compete in financial hubs like London, Hong Kong, Macau faced by Tokyo are also being mentioned by Ito.
“High rates in bitcoin (BTC) tax might have deterred investors and companies from being active in Japan, and that significant action is necessary to advance the industry domestically.”
Healthy Taxation Environment for Bitcoin is now Guaranteed
Irie praised how the adoption of the first digital currency has been rising worldwide. However, concerns are raised on how politicians are handling the matter.
She urgently describes necessary action for Tokyo to become a cryptocurrency trading center along with highlighting the opportunities the challenging times have created to accelerate policy adaptation to develop a trading hub in the capital.
Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to make it tax-free in the city. I think it is the role of politicians to identify issues and clear them systematically while running. When we have to turn the economy around, we need to create a mechanism that prevents money from staying. For that purpose, virtual currency and blockchain can be used. Based on the fact that I learned this time, I think it is necessary to accelerate.