Japan’s Prime Minister Acknowledges the Potential of Web3

The potential of Japan's Web3 ecosystem is being positively highlighted following its acknowledgment by the Prime Minister

In a bold statement that has captured the attention of technology enthusiasts, Japan’s Prime Minister, Fumio Kishida, recently asserted that Web3 holds the potential to revolutionize the conventional framework of the internet and spearhead profound social changes. 

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The WebX Conference

The prime minister gave the statement while speaking at the recent WebX Conference, Asia’s largest global conference centered on digital technology, planned and operated by CoinPost Co., Ltd.

The event brought together significant players, startups, companies, investors, government officials, media, and visitors from Japan and throughout the world. Koichi Hagiuda, chairman of the Liberal Democratic Party’s Policy Research Council, took the stage to deliver the inaugural address, pledging his unwavering support for Web3 firms.

Improving the Environment for Web3 Development

As blockchain-based technologies enable decentralized governance, data ownership, and secure transactions, the Japanese government sees Web3 as a powerful tool to engender positive social change while propelling economic growth.

In his video message, Prime Minister Kishida emphasized the government’s commitment to fostering an environment conducive to the growth and promotion of Web3 technologies. This involves assisting startups, developing strong regulatory measures, and promoting international collaboration in order to fully realize the potential of Web3.

Meanwhile, Kishida has authorized a Web3 white paper that contains a proposal for a crypto visa to attract talented workers and expand the country’s startup visa program.

Accelerating Business Collaboration

Looking ahead, Prime Minister Kishida stated his hope that the WebX conference would serve as a catalyst for commercial collaboration between Japan and other countries. 

The potential for synergies and cross-border cooperation in the Web3 industry is considerable, and such collaborations can greatly contribute to the development and implementation of ground-breaking projects.

The Prime Minister expressed eagerness to see significant Japanese corporations announce large-scale projects to establish a profitable economic zone in the Metaverse region.

Japan’s Leadership in Web3 Adoption

Similarly, Chairman Hagiuda emphasized Japan’s pioneering role in embracing the emerging technology of Web3. The Chairman particularly highlighted the importance of supporting Web3 startups in their early stages. These startups, driven by innovation and pioneering ideas, are the driving force behind technological advancements.

To empower such startups, the Ministry of Economy, Trade, and Industry initiated the “Start Next Innovator” project, which has sent around 1,000 entrepreneurs and students to Silicon Valley over the past five years.

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