CZ: Japan’s Crypto Tax Cut, RWA Tokenization to Reshape Finance

Zhao's remarks carry weight less as a forecast than as a signal of how major industry figures are framing the policy race: Japan's tax move is being read as a bid to recapture trading activity, while tokenization of government bonds and equities is pitched as the next front in sovereign competition. The stablecoin and RWA angle matters because it ties tax policy to a broader contest over where on-chain issuance and settlement migrate. Whether Japan's cut actually pulls capital back, and whether tokenized sovereign debt gains traction beyond pilot stage, are the open questions worth tracking.