Japan’s Prime Minister Touts Web3 as Key to Tackling Societal Challenges

Japan’s Prime Minister Fumio Kishida has declared that Web3 and blockchain technology are essential for addressing the country’s societal challenges.

He said this during a video address during the ongoing WebX 2024 opening ceremony hosted by Japanese Web3 media firm CoinPost at The Prince Park Tower in Tokyo.

Kishida, who will resign as Prime Minister in September, discussed Web3’s role within his “New Capitalism” policy, emphasising that addressing social issues will spur economic growth. He highlighted the government’s decisive actions, including tax and legal reforms, to facilitate fundraising for Web3 startups.

The Prime Minister praised the private sector’s dynamic changes, including major corporate transformations over the past year. He, however, also expressed his expectation that innovations aimed at addressing social issues will continue to emerge.

Kishida promised that future government policies would aim to foster an environment supportive of Web3 tokens, streamline payment processes, and revitalise the content industry. He also admonished the other government to

“implement concrete measures, such as tax reforms and legal reforms, to facilitate fundraising for Web3 startups.”

This isn’t the first time the Prime Minister has championed Web3. Last year, during his keynote at the same WebX conference in Tokyo, Kishida reiterated Japan’s strong commitment to the Web3 sector. He highlighted Web3’s transformative potential for the internet and its role in driving societal change.

Kishida also emphasised the importance of the WebX conference in drawing industry leaders to Japan and promoting collaboration. He described Web3 as a “new form of capitalism” that could spur economic growth and address critical social challenges.

Meanwhile, the latest comments from Kishida follow Japan’s recent update to its regulatory framework, designed to enhance support for Web3 and crypto. The latest amendments now allow venture capital firms to invest directly in Web3 projects. Previously, startups could only offer shares due to legal restrictions on providing cryptocurrency to Limited Partner investors. These new changes have removed those limitations.

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