On Wednesday, Japan’s Prime Minister Fumio Kishida highlighted the crucial role of Web3 and blockchain technology in addressing societal issues during his video address at the opening ceremony of WebX 2024. The event, hosted by Japanese Web3 media firm CoinPost, took place at The Prince Park Tower in Tokyo.
Kishida, who will step down as Prime Minister in September, discussed how Web3 aligns with his government’s “New Capitalism” policy. He emphasized that leveraging Web3 technology to tackle social problems could drive economic growth and innovation.
Future Policies to Support Web3 and Digital Payments
Looking ahead, Kishida outlined that Japan’s future policies will aim to foster an environment conducive to the use of Web3 tokens. The government plans to streamline payment processes and invigorate the content industry. He praised the significant transformations occurring in the private sector, particularly the advancements made by major corporations over the past year.
Kishida expressed optimism that continuous innovations addressing societal challenges will emerge from the Web3 sector, reflecting his administration’s commitment to integrating new technologies to solve pressing issues.
Advancements in Japan's Tech and Financial Sectors
Japan is actively refining its regulatory framework to better support Web3 and cryptocurrency ventures. Recent legislative changes now allow venture capital firms to invest directly in Web3 projects, removing previous restrictions that only permitted investments through traditional shares.
Additionally, Japan is exploring the potential of stablecoins like JPYCoin and the development of a digital yen. These initiatives aim to enhance the global prominence of the Japanese yen in the digital economy, signaling Japan's growing leadership in technological and financial innovation.
As Japan continues to advance its Web3 and digital currency ambitions, the country is positioning itself as a forward-thinking leader in the global tech landscape.
August 2024, Cryptoniteuae