During the WebX conference in Tokyo, Japanese Prime Minister Fumio Kishida expressed support for the Web3 industry's potential to transform the internet and drive social change. On the same day, Binance CEO Changpeng Zhao (CZ) also announced the cryptocurrency exchange would launch its services on a new Japanese platform in August 2023, praising Japan's innovation-friendly approach and regulatory environment in the Web3 sector.
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born,” Kishida said in a Cointelegraph news report this week.
The prime minister continued by calling the Web3 industry "the new form of capitalism" and praising its ability to spur economic growth by "resolving social issues," according to Cointelegraph.
Koichi Hagiuda, chairman of the Policy Research Council for the Japan Liberal Democratic Party, made the conference's opening remarks, Cointelegraph said. He referred to Japan's efforts to create a stringent regulatory environment with the goal of safeguarding investors, which serves as the foundation for further Web3 promotion policies.
Hagiuda also emphasized the importance of initiatives such as Start Next Innovator in fostering the expansion of Japanese-owned Web3 companies, according to Cointelegraph. In a five-year effort to support Web3 startups, Japan's Economy, Trade and Industry ministry is sending 1,000 entrepreneurs and students to Silicon Valley.
In November 2022, Binance purchased the regional exchange platform Sakura Exchange Bitcoin (SEBC). The 100% acquisition of the cryptocurrency exchange service provider with Japanese registration prepared the path for Binance's entry back into the nation, Cointelegraph explained.
CZ also made a virtual appearance at WebX, giving a keynote speech in which he lauded Japan for its openness to innovation in the industry and referred to it as "a leader in the Web3 regulatory environment." He recalled his time spent living in Japan as a developer in the beginning of his career and emphasized the nation's obvious restrictions on the industry, which have been in place for more than five years, according to Cointelegraph.
