In a recent keynote address at the WebX conference in Japan, Prime Minister Fumio Kishida characterized Web3 as a “new form of capitalism,” reaffirming Japan’s commitment to nurturing the Web3 industry. This commitment aligns with Kishida’s “Cool Japan” tech strategy, which aims to bolster the nation’s crypto industry and foster a renewed engagement with the world of Web3.
As previously reported by Jing Culture & Crypto, Japan’s re-engagement with Web3 is fueled by a desire to embrace decentralized blockchain technologies, the metaverse, and non-fungible tokens (NFTs). The country’s tech giants and startups, including gaming companies like Bandai Namco, Sega, and Square Enix, are leading much of the innovation in the Web3 space.
The Prime Minister’s comments were made on the inaugural day of the WebX conference in Tokyo, initially reported by local media outlet CoinPost. Concurrently, Binance CEO Changpeng Zhao announced the cryptocurrency exchange’s plan to launch its services on a new Japanese platform in August 2023.
Kishida underscored the potential of Web3 to spur innovation across various sectors and lauded the conference’s role in attracting industry stakeholders to Japan to foster collaboration. He expressed optimism that the Web3 industry would regain its vitality and give birth to numerous new projects.
Despite the promising interest in Web3, particularly in gaming and gamification, and the government’s support for blockchain use cases, significant challenges remain. The regulatory landscape is yet to be fully defined, and tax measures are not yet in place, creating uncertainty for non-Japanese entrepreneurs and developers.
However, as outlined in its recent white paper, the Japanese government has expressed its commitment to transforming the nation into a Web3 leader, prompting companies to closely monitor regulatory developments and align their strategies accordingly.
With its robust market, substantial GDP per capita, and internationally renowned brands, Japan holds tremendous potential to emerge as a prominent player in the Web3 space, especially if it can harness blockchain technology to propel its brands into the global arena.