During the WebX conference in Japan, Prime Minister Fumio Kishida delivered the keynote lecture highlighting Web3 as a “novel iteration of capitalism,” expressing Japan’s commitment to fostering the Web3 sector and emphasizing its potential to revolutionize the internet and drive profound societal change.
As reported by local news outlet CoinPost, Kishida delivered the opening keynote address during the first day of the WebX conference in Tokyo, Japan, coinciding with the announcement from Binance CEO Changpeng Zhao of the exchange’s forthcoming launch on a new Japanese platform by August 2023.
Kishida expressed his hopes for the revival and expansion of the Web3 industry as well as the emergence of a wide range of new projects. He highlighted the potential of Web3 to foster innovation across various sectors and emphasized the importance of the event in luring industry stakeholders to Japan to facilitate collaboration.
As Kishida delivered his address, EOS Foundation CEO Yves La Rose observed the audience and took to Twitter, noting that the prime minister’s remarks indicate an encouraging reception of Web3 within the Asian region.
The Web3 industry, according to Kishida, is “the new form of capitalism,” and the movement has the ability to increase economic growth through “the resolution of social issues.”
The head of the policy research council for the Japanese Liberal Democratic Party, Koichi Hagiuda, emphasized Japan’s commitment to creating a strict regulatory environment in his opening remarks. This framework intends to protect investors and acts as the basis for rules that advance the Web3 initiative. Hagiuda also drew attention to programs like “Start Next Innovator” as being crucial in promoting growth among Japanese-owned Web3 businesses. The proposal of the Ministry of the Economy, Trade, and Industry, which aims to send 1,000 businesspeople and students to Silicon Valley over a five-year period to support the development of Web3 firms, was also brought up.
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