Japanese Prime Minister Highlights National Plans for Web3 Growth
In a video broadcast at the WebX conference in Tokyo, Japan's Prime Minister Fumio Kishida emphasized the inclusion of user protection measures and efforts to enhance the environment for utilizing Web3 tokens and revitalizing the content industry.
Kishida's support reflects the Liberal Democratic Party's embrace of Web3 technologies, seeing it as part of the new form of capitalism.
This approach aims to foster growth and wealth distribution through innovation, start-ups, and digital transformation.
During the conference, Kishida also revealed exciting prospects for the metaverse, announcing that a major Japanese company's plans to introduce an ambitious large-scale project that will create a valuable economic zone.
Prior to Kishida's address, Koichi Haguida, the policy research council chairman of the ruling Liberal Democratic Party, stressed the importance of inclusivity towards Web3, encouraging even those unfamiliar with the industry to take part.
In the past year, Japanese politicians have actively worked on developing policies and guidelines for NFTs, stablecoins, and DAOs.
Moreover, they have successfully eliminated an onerous tax requirement that had previously discouraged project founders from operating within the country.
This move indicates the country's commitment to fostering a conducive environment for Web3 innovation.
The incorporation of Web3 in Japan's broad policy outline shows the government's recognition of the potential benefits they can bring to the economy and society.
How will these advancements continue to shape Japan's position in the global blockchain arena?