Bitcoin (BTC) maximalist Samson Mow has stressed the importance of a National BTC Strategy for Japan’s financial renovation. The call for action followed recent discussions with a Member of Parliament and the Parliamentary Vice-Minister of Justice.
Japan Urged To Adopt Bitcoin Strategy
On Thursday, the founder of Bitcoin-focused company JAN3, Samson Mow, revealed he had met with a member of the Upper House of the Japanese Diet, Satoshi Hamada, to discuss the need to adopt a National BTC strategy in Japan.
In an X post, Mow detailed that they talked about several Bitcoin-related topics, including the importance of the flagship crypto. They also discussed the reasons for focusing on BTC and the economic benefits a BTC strategy could bring to Japan’s economy.
Mow and Hamada meet to discuss a potential National Bitcoin Strategy in Japan. Source: Samson Mow on X
In December 2024, Hamada urged the Japanese government to establish a Strategic BTC Reserve (SBR) to stay ahead of global economies. The Japanese lawmaker proposed studying a similar approach to countries like the US, converting part of their foreign currency reserves to BTC.
Japan’s Prime Minister Ishiba Shigeru rejected the proposal due to Bitcoin’s volatility. Shiregu explained that the government prioritizes the stability and liquidity of its reserve assets, adding that BTC did not meet these criteria.
The JAN3 founder has previously called for a BTC strategy in Germany and Japan. In January, he criticized Japan’s SBR rejection, noting that “The Japanese Yen, the third-largest currency in the world, is almost back to where it was last summer. All of the BOJ interventions did nothing,” and affirming, “it’s only a matter of time until they embrace Bitcoin.”
Japan’s Regulatory Landscape
In a second post, Mow shared details of his Thursday meeting with Parliamentary Vice-Minister of Justice Junichi Kanda. They reportedly discussed the need for a national BTC strategy, and “learned of the government’s current initiatives to enable Japanese Bitcoin ETFs and reduce taxes on Bitcoin.”
Notably, Japan’s regulators have been cautious toward crypto-based Exchange-Traded Funds (ETFs) despite the success of US spot crypto ETFs. The Financial Services Agency (FSA) previously expressed reservations about the investment products.
However, Japan’s authorities have been working on reviewing its regulatory system since July 2024, developing new legislation to guarantee customer funds’ safety and establish a more reliable industry.
Recent reports revealed that the Japanese ruling party, the Liberal Democratic Party (LDP), has proposed a regulatory framework to position cryptocurrencies as a new asset class and set the capital gains tax on crypto assets to 20%.
At the start of April, the FSA shared a consultation paper, seeking the public’s input on its updated digital assets regulatory framework. The FSA emphasized that developing a “well-balanced environment that protects users and promotes innovation” is necessary for the industry’s expansion.
The proposed framework reviewed multiple aspects of financial regulations, including business regulations, disclosing and providing information, and insider trading measures, with its key proposal dividing crypto assets into two categories to apply distinctly different regulatory approaches to each of these categories depending on the assets’ nature.
Bitcoin trades at $92,961 in the one-week chart. Source: BTCUSDT on TradingView
