Fumio Kishida, the prime minister of Japan, reaffirmed the nation’s dedication to fostering the Web3 industry, highlighting its potential to foster innovation across industries to revolutionize the internet.
Kishida made the remarks during a keynote address on the first day of the WebX conference in Tokyo, Japan, as first reported by CoinPost. The CEO of Binance, Changpeng Zhao, announced on the same day that the cryptocurrency exchange will introduce its services on a new Japanese platform in August 2023.
Kishida emphasized Web3’s potential to foster innovation across industries and the event’s role in bringing industry leaders to Japan to foster collaboration.
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born.”
During Kishida’s speech, EOS Foundation CEO Yves La Rose observed the crowd and tweeted that the prime minister’s remarks indicate a welcoming attitude towards Web3 that is being fostered in Asia.
Kishida continued by describing the Web3 sector as “the new form of capitalism” and praising the movement’s potential to drive development through the “resolution of social issues.”
Koichi Hagiuda, chairman of Japan’s Liberal Democratic Party’s Policy Research Council, mentioned Japan’s efforts to establish a strict regulatory framework to protect investors as the foundation for future Web3 promotional policies in his opening address.
Hagiuda emphasized the importance of “Start Next Innovator” initiatives to expand Japanese-owned Web3 enterprises. To foster Web3 startup companies, the Japanese Ministry of Economy, Trade, and Industry is dispatching 1,000 entrepreneurs and students to Silicon Valley over five years.
Binance Sets to launch in Japan
BNNBloomberg reports that Binance will offer its services to Japanese cryptocurrency consumers in August. In November 2022, the corporation acquired the local exchange platform Sakura Exchange Bitcoin (SEBC).
The 100% acquisition of the Japanese-registered crypto exchange service provider paved the way for Binance’s reentry into the country, as stated by the exchange during the transaction announcement.
In June 2023, news stories about Japan and the Web3 industry began growing. The national tax agency amended the legislation exempting token issuers from corporate taxes on unrealized cryptocurrency gains.
