Japanese Prime Minister Fumio Kishidare has reaffirmed his nation’s unwavering commitment to the Web3 sector. During his keynote speech at the opening ceremony of the WebX conference in Tokyo, Kishida emphasized the immense potential of Web3 technology in revolutionizing the internet and catalyzing societal transformation.
In his speech, Kishida underscored the critical role of the WebX conference in attracting industry players to Japan and fostering collaboration. He presented Web3 as “the new form of capitalism” capable of driving economic growth while addressing pressing social issues.
Japanese Prime Minister Fumio Kishida addresses at #webx
“Web3 is part of the New Form of Capitalism” pic.twitter.com/Q3XFFQIRzb
— WebX 2023 (July 25-26) (@WebX_Asia) July 25, 2023
According to a report by regional news source CoinPost, Kishida’s optimism for the Web3 business resonated with the audience, who were inspired by his vision of a revitalized landscape with groundbreaking projects taking center stage.
Koichi Hagiuda, chairman of the Japan Liberal Democratic Party’s Policy Research Council, delivered the opening address at the conference.
Hagiuda also emphasized Japan’s commitment to establishing a robust regulatory environment to protect investors and promote further growth in the Web3 sector. Hagiuda highlighted the significance of initiatives like “Start Next Innovator” in nurturing Japanese-owned Web3 companies.
Japan’s Moves to Be a Web3 Powerhouse
In June 2023, Japan’s national tax body made significant changes to its regulations. It eliminated the requirement for token issuers to pay corporate taxes on unrealized cryptocurrency earnings. This move is expected to encourage further growth, innovation, and investment in the Web3 space.
Also, there is a collaboration between Singaporean and Japanese regulators on a cryptocurrency pilot project, signalling increased cooperation between the two nations in the dynamic crypto space.
The WebX conference in Tokyo showcased Japan’s dedication to Web3 technology and its determination to play a leading role in the digital transformation of the internet. With support from key government figures, regulatory changes, and increased collaboration with other nations, Japan’s Web3 sector is poised for significant growth and innovation in the coming years.
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