Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a â€œtrading centerâ€ for cryptos.
Blockchain as a â€˜Growth Strategyâ€™ to Create Industry Hub
Yuu Ito, the third term assembly member in question, commented about the possibility of bolstering the cityâ€™s financial sector by increasing its involvement with the digital asset business.
The statement comes after his recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo. Ito also pointed out challenges Tokyo faces in order to compete with other major financial hubs, like London, Macau, and Hong Kong. He believes 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.
Guaranteeing a Healthy Taxation Environment for Bitcoin
She praised how bitcoin adoption has been skyrocketing globally, but raised concerns on how politicians are handling the matter. Here she urgently describes necessary action for Tokyo to become a cryptocurrency trading center:
Irie also highlighted the coronavirus as an opportunity to accelerate policy adaptations adoption while creating a healthy environment to develop a crypto trading hub in Tokyo:
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