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Japan PM reaffirms Web3 plans as Binance announces imminent launch

Fumio Kishida described Web3 as a “new form of capitalism” in a keynote address at the WebX conference in Japan.

Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry, highlighting its potential to transform the internet and kindle social change. 

Kishida made the comments in a keynote address on day one of the WebX conference in Tokyo, Japan, as initially reported by local media outlet CoinPost. On the same day, Binance CEO Changpeng Zhao announced the cryptocurrency exchange would launch its services on a new Japanese platform in August 2023.

Kishida highlighted Web3’s potential to drive innovation across industries and highlighted the event’s role in bringing industry players to Japan to drive collaboration:

“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born.”

EOS Foundation CEO Yves La Rose watched on from the crowd during Kishida’s address. He tweeted that the prime minister’s words signal a welcoming attitude toward Web3 that is being fostered in Asia:

Kishida went on to describe the Web3 sector as “the new form of capitalism” and hailed the movement’s potential to drive growth through the “resolution of social issues.”

The opening speech given by Koichi Hagiuda, Japan’s Liberal Democratic party’s Policy Research Council chairman, noted Japan’s efforts to establish a strict regulatory framework aimed at protecting investors that form the basis of further promotional Web3 policies.

Related: Japanese and Singaporean regulators join forces on crypto pilot project

Hagiuda also highlighted projects like the “Start Next Innovator” as key in driving the growth of Japanese-owned Web3 businesses. Japan’s Economy, Trade and Industry ministry project is sending 1,000 entrepreneurs and students to Silicon Valley over a five-year campaign to foster Web3 startups.

Binance begins life in Japan

Binance confirmed to Cointelegraph that it is set to offer its services to Japanese cryptocurrency users from August onwards. The company acquired the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022.

As the exchange outlined in the announcement of the deal, the 100% acquisition of the Japanese-registered crypto exchange service provider paved the way for Binance’s reentry into the country.

Binance CEO 'CZ' also made a virtual appearance at WebX, delivering a keynote address in which he praised Japan's innovation-friendly approach to the sector and labelled the country as "a leader in the Web3 regulatory environment".

The Binance CEO referred back to his experience having lived in Japan during the early years of his career as a developer, while highlighting the country's clear boundaries towards the sector that have been in place for more than half a decade:

“Japan has been clear since 2017 with crypto exchange regulations and more recently this year with its crypto listing frameworks and the passing of stablecoin regulations.”

June 2023 saw a flurry of headlines involving Japan and the Web3 sector. The national tax agency revised legislation that exempts token issuers in the country from paying corporate taxes on unrealized cryptocurrency gains. 

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Gareth Jenkinson
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