Masaaki Taira, a member of Japan’s ruling Liberal Democratic Party and head of the Web 3.0 project team, said in an interview with Bloomberg that Japan needs to further relax encryption industry rules.

It is reported that Japan has previously strengthened supervision of the country’s cryptocurrency industry, requiring the Financial Services Authority (FSA) to review and register cryptocurrency trading platforms, and impose a tax of up to 55% on cryptocurrency gains.

Following Taira’s call, the Japan Virtual and Crypto Asset Exchange Association, the body that oversees local crypto exchanges, is planning to streamline the lengthy screening process for crypto token listings on exchanges.