Japan’s Prime Minister Fumio Kishida declared on Wednesday that Web3 and blockchain technology are fundamental in addressing the country’s societal issues.
He delivered this message through a video address during the opening ceremony at WebX 2024, an event hosted by Japanese Web3 media firm CoinPost, at The Prince Park Tower in Tokyo.
Kishida, who will step down as PM in September, discussed Web3’s role in the context of his government’s “New Capitalism” policy, stressing that solving social issues will drive economic growth.
Japan’s Future Policies to Boost Web3 Tokens and Smooth Payments
He also mentioned that the government’s future policies will focus on creating an environment that supports the use of Web3 tokens. Additionally, it will ensure smooth payment processes and work towards revitalizing the content industry.
Kishida commended the dynamic changes within the private sector, including the transformation of major corporations over the last year, and said that the government has taken decisive action through tax and legal reforms to ease fundraising for Web3 startups.
Further, the Prime Minister conveyed his expectation that innovations addressing social issues will continuously emerge.
Japan’s Tech Leadership Grows with Web3 Reforms and Digital Currency Vision
Japan has been enhancing its regulatory framework to better accommodate Web3 and crypto. Recent amendments now allow venture capital firms to invest directly in Web3 projects.
Previously, startups could only offer shares because the law prohibited giving Limited Partner investors cryptocurrency. These changes have removed those restrictions.
Japan is also exploring stablecoins like JPYCoin and the potential for a digital yen. The goal is to enhance the global reach of the Japanese yen in digital form.
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