Web3 Commitment Reinforced by Japan’s PM
Web3 was a central theme at the WebX conference in Tokyo, where Prime Minister Fumio Kishida highlighted Japan’s dedication to nurturing the Web3 industry. He acknowledged its potential to revolutionize the internet and drive societal progress, emphasizing the government’s commitment to supporting this transformative sector.
His remarks came during the keynote address on the conference’s opening day and received coverage from local media outlet CoinPost.
“I anticipate the web3 industry will regain attention and vitality, giving rise to various new projects,” he mentioned in a translated statement.
The global scrutiny of the web3 space prompted Japanese officials to emphasize the establishment of a regulatory framework to safeguard individuals.
Prime Minister Kishida emphasized the nation’s dedication to strengthening the web3 sector, expressing hope for collaborations between Japan and other countries through discussions among key industry players.
During the conference, he expressed a strong desire for major Japanese companies to announce large-scale projects aimed at creating a valuable economic zone within the Metaverse space.
In response to the increasing incidents of criminal activities, Japan has implemented stricter anti-money laundering (AML) regulations in recent months and has addressed issues in the crypto space after consultations with the G7 governments.
As a result, businesses are expanding their operations within the jurisdiction. For example, Japanese investment firm SoftBank entered a joint venture with Symbotic to make advancements in the AI sector, and Chinese tech giant Alibaba unveiled plans for a blockchain laboratory in Japan.
Coincidentally, Binance CEO Changpeng Zhao revealed that the cryptocurrency exchange would be launching its services on a new Japanese platform in August 2023.
The announcement revealed that the complete acquisition of the Japanese-registered crypto exchange service provider allowed Binance to reenter the country.
During WebX, Binance CEO ‘CZ’ virtually delivered a keynote address, praising Japan’s innovation-friendly stance toward the sector and lauding the country as “a leader in the Web3 regulatory environment.”
The Binance CEO reflected on his past experience of residing in Japan during the early stages of his career as a developer. He also emphasized the country’s well-defined boundaries toward the sector that have been established for over five years:
“Japan has maintained clear regulations for crypto exchanges since 2017, and this year, they have further solidified their stance with crypto listing frameworks and the introduction of stablecoin regulations.”
Some rather positive news on the Binance front in what seems a wave of FUD and bad news for the most used centralized cryptocurrency exchange on the planet!
