In the world of blockchain and cryptocurrency, the winds of change are blowing from the East. Japan, a nation known for its technological innovation and forward-thinking policies, has affirmed its commitment to nurturing the nascent Web3 industry. The country’s top leadership believes in the transformative potential of this digital frontier to spur social change and innovation.
Prime Minister Fumio Kishida shared his vision for Web3, declaring it a “new form of capitalism” in a keynote address at the WebX conference held in Tokyo. His remarks came amid the backdrop of a significant announcement by global cryptocurrency exchange Binance about their plans to launch services on a new Japanese platform.
Kishida’s Web3 Vision For Japan
Kishida, during his address, emphasized the potential of Web3 to spark innovation across a broad spectrum of industries. He highlighted the role of gatherings like the WebX conference in bringing industry stakeholders together and catalyzing collaboration.
The prime minister expressed optimism about the industry’s future in Japan, voicing his hope for the birth of various new projects. He didn’t shy away from labeling the Web3 sector as “the new form of capitalism,” highlighting its potential to drive growth by addressing societal issues.
The enthusiasm was palpable, with EOS Foundation CEO Yves La Rose, who was in the audience, taking to Twitter to share his perception of a welcoming attitude towards Web3 in Asia.
Japan’s Web3 Regulatory Framework and Binance’s Return
The opening speech by Koichi Hagiuda, the chairman of Japan’s Liberal Democratic Party’s Policy Research Council, gave insight into the country’s efforts to establish a robust regulatory framework. Such policies, aimed at investor protection, form the bedrock upon which Japan will base its future Web3 promotion strategies.
Hagiuda also mentioned the “Start Next Innovator” project, an initiative led by Japan’s Economy, Trade, and Industry Ministry. The project plans to send 1,000 entrepreneurs and students to Silicon Valley over a five-year period, hoping to nurture a new generation of Japanese-owned Web3 startups.
On the same day, Binance CEO Changpeng Zhao declared that the cryptocurrency exchange would offer its services to Japanese users starting in August 2023. This announcement comes after Binance’s acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022. This 100% acquisition has indeed paved the way for Binance’s return to Japan, giving an exciting twist to the Web3 narrative in the country.
As Japan gears up to embrace the Web3 revolution, the world watches keenly. With its blend of innovative policies, welcoming environment, and commitment at the highest level, the country is poised to become a global hub for this digital transformation. Meanwhile, Binance’s return to Japan is likely to bring more dynamism and competition to the country’s already vibrant crypto space.
