Japan May Become ‘Crypto El Dorado’ – South Korean Experts
Japan is aiming to become a crypto and Web3 “powerhouse,” South Korean analysts and experts believe – but some think Seoul still has what it takes to surpass Tokyo.
Per Chosun Ilbo, South Korea’s biggest newspaper, Seoul-based crypto firms are concerned by the Japanese government’s proactive Web3-fostering policies.
These policies have the power to turn Japan, South Korea’s long-standing political and economic rival, into a “crypto and Web3 El Dorado,” the newspaper wrote.
While South Korea is looking to tighten its regulation of the sector following a series of controversies, Tokyo appears to be going in the opposite direction.
Japan’s crypto regulations remain arguably the most restrictive in the world.
But Prime Minister Fumio Kishida appears keen to deregulate certain sectors of the market.
In recent months, Japanese self-regulating crypto exchange bodies have begun relaxing their strict token listing policies.
The government has also begun reforming restrictive crypto tax laws that critics say have driven Japanese companies away.
The media outlet wrote:
“While South Korea, once considered a powerhouse in virtual assets, is declining due to government regulations and a decline in investors, Japan is on the rise. The government taking the lead with the implementation of support measures [for the sector] and the easing of regulations.”
Chosun Ilbo also made note of Kishida’s decision in July this year to deliver a video speech to the inaugural WebX conference in Japan.
The conference was hosted by CoinPost, Japan’s biggest crypto-focused media outlet.
But Kishida was not the only big-name government official to speak at the conference.
The nation’s economy minister and the ruling Liberal Democratic Party’s policy research council
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