Japan's Prime Minister believes that Web3 is the "new form of capitalism."
With a spotlight on the prospective advantages of Web3, Japan's Prime Minister Fumio Kishida has reasserted the country's objective to grow the sector, underlining its potential to transform the digital space and instigate societal transitions.
According to the local news portal, the reaffirmation was voiced at the WebX conference in Tokyo.
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In his keynote speech, Kishida highlighted Web3's role as a catalyst for innovations that could influence multiple industries.
Japan's PM also noted the significance of the WebX conference in rallying industry stakeholders within Japan to promote cooperation. During the speech, Kishida noted:
I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born.
Subsequently, Kishida characterized Web3 as a "new form of capitalism," praising its promise to promote growth by addressing social issues.
Yves La Rose, CEO of the EOS Foundation, was present in the audience during the Prime Minister's address. Following Kishida's remarks, the CEO voiced observations on X, expressing that Kishida's sentiments indicated a welcoming approach for Web3 firms in the Asian continent.
Following Kishida's address, the major crypto exchange Binance unveiled that, in August, it will open the doors for Japanese investors. In November 2022, the firm acquired the Sakura Exchange Bitcoin (SEBC), a local exchange platform.
According to the announcement of the agreement, the full acquisition of the Japanese crypto exchange service was a crucial step for Binance's reestablishment in Japan.
These revelations follow a flurry of news linking Japan to the Web3 industry. In June, the national tax agency updated its policies giving tax exemptions to token issuers on unrealized cryptocurrency gains.
Ultimately, these recent advancements positions Japan as a crucial player in the burgeoning Web3 landscape, with the impending Binance launch further underscoring the commitment.
