Japan has been friendly towards the crypto exchanges and the generous and healthy environment proves to be consistent as the officials and their regulation seem to direct the blockchain and crypto market towards the growth.
A pro-blockchain politician, Takuya Hirai, ruling Liberal Democratic Party (LDP) member has been appointed as Minister of Science, Technology, and IT as part of a cabinet reshuffle by Japanese Prime Minister Shinzō Abe. Takuya has been a renowned pro-blockchain politician. He has been one of the officials who legalized crypto exchange laws in Japan last year. Takuya will take up the key role as head of the ministry and will be overseeing official government policy towards financial technologies.
Hirai has been a crypto enthusiast and has promoted blockchain at various level. He promoted blockchain as part of his role as chairperson of the Liberal Democratic Party’s IT Strategy Special Committee also as the chairperson of the Fintech Promotion Parliamentarians’ Federation.
The local Japanese media reports have highlighted Hirai’s positive attitude, in the Japan Blockchain Association held in August, regarding Initial Coin Offerings (ICO). He also proposed Tama University’s Rule Formation Strategy Institute for the ICO Business Study Group.
Hirai is also praised for his contribution in drafting Japan’s basic cybersecurity law, enacted in 2015, Hirai stated that the LDP “concluded that the government will, for now, avoid a move towards legal regulation” of crypto such as Bitcoin.
The creation of voluntary ICO regulations in the future that will lead to the progress in establishing future rules, the Japanese government is expected to show its support as it has been till now as it is well versed in crypto to the head post of the country’s Science, Technology, and IT Ministry.
Hirai’s advisory role at Tama University saw the study group deliver regulation for the legalization of ICOs in the country covering various aspects. The regulations will be officially considered by Japan’s Financial Services Agency and may eventually be passed into law in the coming years.