Japanese Prime Minister Affirms Commitment to Web3 Industry

In his keynote speech at the WebX conference in Tokyo, Japanese Prime Minister Fumio Kishida reaffirmed his nation’s commitment to supporting the Web3 sector. Kishida stressed Web3’s potential to reinvent the internet and spark societal transformation, paving the way for cooperation among Japanese industrial players.

Prime Minister’s Support for Web3 Industry

In his speech, Prime Minister Kishida stated his desire for the Web3 sector to achieve prominence and life, resulting in the emergence of several new enterprises. He emphasized WebX’s significance in bringing together stakeholders to foster cooperation and encourage innovation across industries.

The Web3 industry, according to Kishida, is “the new form of capitalism,” with the ability to spur economic growth by solving social challenges. He acknowledged the movement’s potential to help society overcome its problems.

Japan’s Regulatory Framework

Koichi Hagiuda, the head of the Policy Research Council of the Liberal Democratic Party of Japan, stressed the country’s efforts to create a stringent regulatory framework to safeguard investors. The nation wants to lay a solid platform for advancing Web3 legislation going forward.

Hagiuda also emphasized initiatives like “Start Next Innovator,” a crucial program supporting the expansion of Japanese-owned Web3 companies. The initiative was started by the Ministry of Economy, Trade, and Industry of Japan, which will send 1,000 businesspeople and students to Silicon Valley over a five-year period to support Web3 businesses.

Binance’s Reentry into Japan

Changpeng Zhao, CEO of Binance, stated that the cryptocurrency exchange would start serving Japanese customers in August 2023 in conjunction with the WebX conference. Sakura Exchange Bitcoin (SEBC), a regional exchange platform, was purchased by Binance in 2022, which allowed it to reenter the Japanese market.

Positive Changes in Japan’s Web3 Sector

The Web3 industry in Japan underwent substantial changes in June 2023. To further support the industry’s expansion, the national tax office amended the law to exclude token issuers from paying corporation taxes on unrealized cryptocurrency profits.

The keynote talk by Prime Minister Kishida at the WebX conference demonstrated Japan’s steadfast support for the Web3 sector. The nation’s emphasis on cooperation, its legislative structure, and its support for firms owned by Japanese nationals show its commitment to maximizing the potential of Web3 technologies to spur innovation and promote social change.