Japan PM Fumio Kishida Calls Web3 ''New Capitalism,'' Says It May Transform Internet

Japan PM Fumio Kishida Calls Web3 ”New Capitalism,” Says It May Transform Internet

Updated: 25 July 2023

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Japan’s Prime Minister Fumio Kishida said Web3 is “a new form of capitalism” and added that it may transform the internet.

The Japanese government is committed to fostering an atmosphere that would encourage the promotion of Web3, Kishida added in comments in a keynote speech on the opening day of the WebX conference in Tokyo, according to CoinPost. He also emphasized the potential of Web3 to spur innovation across industries.

Japanese Prime Minister Fumio Kishida addresses at #webx

“Web3 is part of the New Form of Capitalism” pic.twitter.com/Q3XFFQIRzb

— WebX 2024 (Aug 28-29) (@WebX_Asia) July 25, 2023

Japan’s Web3 Advantage

Japan has an advantage in developing technologies like Web3 because it has actively regulated the crypto industry early in its development to safeguard citizens and promote collaboration between the public, corporate, and political sectors, said Koichi Hagiuda, the head of the Policy Research Council of the ruling Liberal Democratic Party (LDP), at the conference.

An LDP committee published a strategy in April for expanding the nation’s cryptocurrency market. The plan proposes modifying tax regulations, clarifying accounting rules, and enacting legislation for decentralized web organizations.

The suggestions, a part of Kishida’s “Cool Japan” technology promotion strategy, seek to position Japan as a cryptocurrency-friendly country and affirm its top ranking in responsible and tech-neutral innovation.

Koichi Hagiuda, Chairman of the Policy Research Council of the Liberal Democratic Party (LDP) , presents the opening remarks of #webx

“The administration is proactively supporting domestic startups including the Web3 industry” pic.twitter.com/YajDocNb6P

— WebX 2024 (Aug 28-29) (@WebX_Asia) July 25, 2023

Also at the conference, Binance CEO Changpeng Zhao (CZ) lauded Japan for its openness to innovation in the industry in a virtual appearance and referred to it as “a leader in the Web3 regulatory environment.”

Japanese and regional businesses are growing their operations in the country, Japanese investment company Softbank and automation giant Symbotic have launched a joint venture to advance in AI while Alibaba, a major player in Chinese technology, has disclosed plans for a blockchain lab in Japan.

The largest airline group in Japan, All Nippon Airways (ANA), recently debuted ANA GranWhale, an NFT marketplace that offers aviation photos and digital memorabilia on the Ethereum blockchain. Binance has also confirmed the news of the crypto exchange’s launch in Japan.

Japan’s finance ministry is also evaluating the possibility of a central bank digital currency (CBDC), despite the Bank of Japan’s lack of definite plans.Related

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