More than an adviser—a member of the same team.
From building a business in Japan to taking it to the world.

I began consulting Kenji Yanagisawa around 2021. At the time, I was developing blockchain technology while studying at Kyoto University’s graduate school. Turning new technology into a business required us to think beyond development, including tax, legal issues and the organization through which we would operate.

Kenji had already supported many Japanese crypto startups in expanding overseas, and I began consulting him together with my teammate Shimojima. Our relationship started with the ability to discuss issues that could not easily be resolved through conventional corporate tax advice, with someone who understood the business itself.

Working together to find a way to operate in Japan

Moving abroad was not the plan from the outset. With my graduate research to consider, I initially looked for ways to run the business while remaining in Japan.

One of the challenges at the time was taxation of year-end unrealized gains on crypto assets held by corporations. Tax liabilities could arise from valuations even without selling tokens for cash. We explored what kind of structure would allow us to continue development and operate the project under those rules.

Kenji proposed using a Japanese limited liability partnership (LLP). DAOs—decentralized autonomous organizations—were attracting attention at the time, but calling an organization a DAO does not take it outside the Japanese tax system. The corporate tax implications of being classified as an unincorporated association were among the issues we discussed.

Taking those concerns into account, we deliberately chose an LLP to clarify the organizational structure and tax treatment while pursuing the business in Japan. Following Kenji’s proposal, we established Botany LLP, with Shimojima, Kenji and me as its three partners. He joined the project himself rather than remaining an outside adviser.

Alongside preparing the partnership agreement and registration, we put the structure in place while consulting a lawyer on the treatment of the tokens. Kenji not only advised us but also assumed business risk as a partner and worked on the project alongside us. Our relationship involved implementing the structure together, not simply receiving a proposal.

From Japan to the world: support when the underlying plan changes

I later decided to take a leave of absence from graduate school and move to Singapore. Blockchain developers and users are located around the world. We changed our approach from building a Japan-based business to targeting the global market from day one.

Kenji supported that change of direction. Building on our work in Japan, he helped us work through the overseas business structure and what I needed to do to relocate.

For my relocation and business launch in Singapore, I received support through the OneAsia network developed by Kenji. We could discuss everything from Japanese tax considerations to local procedures as part of a coordinated process.

I still live and work in Singapore. The relocation Kenji helped me with remains the foundation of my activities today.

When you launch and run a business, things do not always go as originally planned, and assumptions and priorities can change. It was reassuring to discuss our next direction with someone who knew the history of the project.

Business conversations—and meals when I return to Japan

My relationship with Kenji goes beyond procedures and tax advice. When I returned to Japan, we sometimes gathered at his office or had dinner nearby. With other entrepreneurs joining us, these were opportunities to share business updates and talk about what we wanted to do next.

He takes an interest in entrepreneurs’ ambitions and speaks candidly about the potential of technologies and businesses. Once, when he told me, “You’re a genius,” I replied, “No, I’m just a good student.” Being able to exchange remarks like that is characteristic of our relationship.

Incidentally, he always calls me by my full name, “Yu Kimura.” When I asked him why for this interview, he said, “Because I think you will one day do something that earns you a place in history.” Those are high expectations, but I hope to do work that lives up to them.

Circumstances have changed from the Botany LLP days through my move to Singapore and subsequent activities, but I still turn to him for advice. As someone who has thought things through with me as part of the same team since the early days, he is someone I want to keep talking to about future challenges.