The ruling party's position is threatened by corruption scandals, and Japan's embrace of Web3 is filled with uncertainty

PANews reported on April 29 that Japan's Prime Minister Fumio Kishida and his ruling Liberal Democratic Party (LDP) have promoted the country's Web3 strategy and a series of regulations and plans in the crypto field. However, a major corruption scandal could pose a threat to Kishida and the party's future, bringing uncertainty to Japan's progress in cryptocurrency. This morning, the LDP lost in a by-election for the House of Representatives. The LDP has been in power for nearly 70 years, with brief interruptions only in 1993 and 2003. The party is facing by-elections this month and plans to hold leadership elections in September this year. Political analysts believe that Kishida, who calls Web3 "a new form of capitalism," may be replaced as party chairman and prime minister. Last year, Kishida's cabinet established a Web3 project team that released a white paper covering national non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), which is currently working on launching new Web3 policies. It remains unclear how these efforts might be affected by potential instability within the party’s future direction. According to CoinDesk reports, Kishida has pledged disciplinary action against members involved in scandals; before dissolution of House of Representatives three lawmakers along with several political aides were arrested on suspicion of bribery.