Japanese Prime Minister Fumio Kishida reiterated the country’s dedication to promoting the Web3 industry, emphasizing its potential to revolutionize the internet and inspire social change. Speaking at the WebX conference in Tokyo, Japan, Kishida emphasized the importance of the industry and its ability to drive innovation across various sectors.
CoinPost, a local media outlet, reported Kishida’s remarks during his keynote address at the conference. Coincidentally, on the same day, Changpeng Zhao, CEO of Binance, announced that the cryptocurrency exchange would be launching its services on a new Japanese platform in August 2023.
During his speech, Kishida highlighted the immense potential of Web3 to spur growth and generate new projects. He expressed his hope for the industry’s revival and its role in fostering collaboration and partnership among industry players.
Yves La Rose, CEO of EOS Foundation, who was present at the conference, tweeted about the Prime Minister’s positive attitude toward Web3, stating that his words indicated a welcoming stance towards the technology being fostered in Asia. La Rose further mentioned that while the West continues to pose challenges for blockchain companies, the future looks bright for crypto in Asia.
In addition to his support for the Web3 industry, Kishida referred to it as “the new form of capitalism.” He acknowledged its potential to address social issues and drive overall growth.
Koichi Hagiuda, Chairman of Japan’s Liberal Democratic Party’s Policy Research Council, also delivered an opening speech at the conference. Hagiuda highlighted Japan’s efforts to establish a robust regulatory framework to protect investors, serving as a foundation for future Web3 policies. He specifically mentioned the importance of initiatives like the “Start Next Innovator,” which aims to promote the growth of Japanese-owned Web3 businesses. Under this project, the Economy, Trade, and Industry ministry is sending 1,000 entrepreneurs and students to Silicon Valley over five years to nurture Web3 startups.
On a related note, Binance confirmed that it would soon offer its services to Japanese cryptocurrency users starting in August. The exchange acquired Sakura Exchange Bitcoin (SEBC), a local exchange platform, in November 2022. This acquisition facilitated Binance’s reentry into the Japanese market.
June 2023 witnessed several developments concerning Japan and the Web3 sector. Notably, the national tax agency revised legislation that exempts token issuers in the country from paying corporate taxes on unrealized cryptocurrency gains.
Overall, the ongoing WebX conference in Tokyo showcased the Japanese government’s commitment to fostering the Web3 industry. With the support of Prime Minister Kishida and other key figures, Japan aims to capitalize on the potential of Web3 to drive innovation, address social issues, and promote the growth of Japanese Web3 businesses.