A well-known pro-blockchain lawmaker has been designated as Minister of Science, Technology, and IT during the fourth cabinet reorganization by Japanese Prime Minister Shinzō Abe.
Takuya Hirai, a member of the ruling Liberal Democratic Party (LDP), and supposedly one of the visionaries of last year’s rule providing legal frame work for crypto exchanges, will assume the main role as leader of the ministry and supervise the government policy towards fintech sector.
Hirai has been hands-on in encouraging blockchain while serving as as chairperson of the Liberal Democratic Party’s IT Strategy Special Committee, as well as chairperson of the Fintech Promotion Parliamentarians’ Federation.
Furthermore, Hirai is given the credit for his involvement in preparing Japan’s fundamental cybersecurity law, which was passed in 2015. At that time, Hirai said that the LDP “concluded that [the government] will, for now, avoid a move towards legal regulation” of cryptos such as Bitcoin (BTC).
Additionally domestic Japanese media news has underscored Hirai’s constructive comments about Initial Coin Offerings (ICO) at the JBA (Japan Blockchain Association) convention held this August. He has also guided the ICO Business Study Group at Tama University’s Rule Formation Strategy Institute.
In regards to advancement in drafting futures rules “such as the creation of voluntary ICO regulations in the future,”, it should be noted that “various support and efforts from the government are [to be] expected,” provided a person who has expertise in crypto is appointed to the lead the country’s Science, Technology, and IT Ministry.
Hirai’s consultative role at Tama University ensured that the study group published a detailed guideline for the regulation and total legalization of ICOs in Japan, which will supposedly be taken for consideration by Japan’s Financial Services Agency, and could be enacted into law in few years from now.
The guidelines also consists of rules for anti-money-laundering (AML), know-your-customer (KYC) measures, monitoring project progress, and safe guarding equity and debt holders.
