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Japanese Prime Minister Fumio Kishida expressed his support for Web3 technology and cryptocurrencies in the country’s annual expanded policy draft. Kishida aims to improve the environment for the use of Web3 tokens and revitalize the content industry while emphasizing the importance of user protection. These supportive statements by Kishida have made a significant impact in the cryptocurrency world. He made these remarks in a video broadcast recorded at the WebX conference in Tokyo.
Declared Support for Web3 and Cryptocurrencies
The Prime Minister reiterated that Web3 is seen as a significant part of the new form of capitalism and is compatible with the flagship economic policy that focuses on growth and wealth distribution through innovation, startups, and digital transformation.
During the conference, Kishida also announced that a major Japanese company plans to launch an ambitious and large-scale project that will create a valuable economic zone in the Metaverse. This move is interpreted as a sign that the ruling Liberal Democratic Party will continue to embrace Web3 technology and its potential economic benefits.
Japan and Web3
Prime Minister Kishida’s clear declaration of support for the development and progress of Web3, along with the government’s efforts to create a favorable regulatory environment for cryptocurrencies, is seen as a significant step towards promoting innovation and growth in the blockchain and cryptocurrency field in Japan. This stance shows that the country is aware of the potential of Web3 technology to transform various sectors and stimulate economic development.
With Japan’s continued support and adoption of Web3, the country is positioning itself at the forefront of the emerging decentralized economy. By promoting a favorable environment for blockchain-based projects and cryptocurrencies, Japan aims to attract investment, talent, and technological advancements to the rapidly evolving Web3 ecosystem.
