Additionally, PM Fumio Kishida stated that the government’s next policies will give priority to the adoption of Web3 tokens, simplified payment processes, and the revival of the content industry.
On Wednesday, Fumio Kishida, the prime minister of Japan, stated that Web3 and blockchain technology are essential for tackling the nation’s social problems.
He delivered this message through a video address during the opening ceremony at WebX 2024, an event hosted by Japanese Web3 media firm CoinPost, at The Prince Park Tower in Tokyo.
September marks Kishida’s resignation as prime minister. He talked about Web3’s role in his government’s “New Capitalism” policy, emphasizing that resolving social issues will spur economic growth.
Japanese Prime Minister Fumio Kishida said at the WebX conference that Web3 and blockchain technology are positioned as the basis for solving social problems, implementing tax reforms and legal reforms to make it easier for Web3 startups to raise funds, and will work to create an…
— Wu Blockchain (@WuBlockchain) August 28, 2024
Japan’s Upcoming Regulations to Promote Web3 Tokens and Easy Payments
Additionally, he stated that the government’s next policies will center on establishing a setting that facilitates the use of Web3 tokens. It will also guarantee efficient payment procedures and contribute to the resurgence of the content sector.
Kishida praised the rapid changes in the private sector, such as the transformation of large corporations in the past year, and stated that the government has acted decisively to make it easier for Web3 startups to raise money through changes to the tax code and other laws.
In addition, the prime minister expressed his hope that new ideas tackling social problems will keep coming forward.
Japan’s Tech Leadership Grows with Web3 Reforms and Digital Currency Vision
Japan has been making improvements to its regulatory structure to better support cryptocurrency and Web3. Venture capital firms can now directly invest in Web3 projects thanks to recent amendments.
Because it was illegal for startups to give cryptocurrency to Limited Partner investors, they could only offer shares. These modifications have eliminated those limitations.
A digital yen and stablecoins like JPYCoin are also being investigated by Japan. The intention is to expand the digital Japanese yen’s reach throughout the world.