On March 6, Startale CEO Sota Watanabe revealed on social media: "Today is a big day in Japan. The ruling party has proposed a new framework to regulate cryptocurrencies under the Financial Commodities Exchange Act. If approved this year, the reduction of crypto ETFs and taxes from a maximum of 55% to 20% is likely. I am 100% sure that more Japanese will enter the blockchain world." Watanabe further explained: "In Japan, cryptocurrencies are likely not to be regulated as securities, but as a new asset class under the new framework of the Financial Commodities Exchange Act. If passed, it would be a win for the industry. The government has been in dialogue with Japanese industry leaders and this is a good result of cooperation."