A well-known pro-blockchain politician, Takuya Hirai, has been tapped to become Japan’s Minister of Science, Technology, and IT.
Hirai’s appointment comes as part of a reshuffling conducted by Japanese Prime Minister Shinzō Abe’s cabinet.
Hirai is a member of the ruling Liberal Democratic Party (LDP), and is said to be one of the architects of a law legalizing crypto exchanges in Japan. He would be taking up the crucial role as head of the ministry — tasked, among other things, with supervising official government policy towards financial technologies.
Hirai has been hands-on in promoting blockchain as part of his function as chairperson of the Liberal Democratic Party’s IT Strategy Special Committee, as well as chairperson of the Fintech Promotion Parliamentarians’ Federation.
In addition, Hirai is accredited for his role in drafting Japan’s basic cybersecurity law, which was applied in 2015; at the time, Hirai remarked that the LDP “concluded that [the government] will, for now, avoid a move towards legal regulation” of cryptocurrencies such as Bitcoin (BTC).
Reports have also highlighted Hirai’s positive remarks when it comes to Initial Coin Offerings (ICO) at the JBA (Japan Blockchain Association) meeting last August; he has also advised the ICO Business Study Group at Tama University’s Rule Formation Strategy Institute.
In regards to advancements in establishing futures rules “such as the creation of voluntary ICO regulations in the future,” reports have indicated that “various support and efforts from the government are [to be] expected,” given the appointment of a figure that is well versed in crypto to the head post of the country’s Science, Technology, and IT Ministry.
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