Japan’s Prime Minister, Fumio Kishida is putting the country’s digital sector front and center, reiterating his dedication to advancing the Web3 industry. Speaking at the WebX conference in Tokyo, Kishida extolled the transformative capabilities of Web3 and emphasized its significance in reshaping the internet and catalyzing a societal paradigm shift.
On the same day, Binance’s CEO, Changpeng Zhao, disclosed plans to expand the cryptocurrency platform’s operations into Japan by August 2023. Positioned as the “new form of capitalism,” Kishida is banking on Web3 to trigger cross-industry innovation and initiate a series of fresh ventures.
Meanwhile, Asia’s open-arms reception of Web3 continues. This sentiment was highlighted on Twitter by EOS Foundation CEO Yves La Rose, who was present when Kishida delivered his address.
Committed to upholding a stringent regulatory climate to safeguard investor interest, Japan’s endeavors to promote Web3 have been well-received. Projects such as the “Start Next Innovator” receive special mention. This initiative by Japan’s Ministry of Economy, Trade, and Industry is focused on grooming entrepreneurs and students for Web3 startups, with 1,000 candidates slated to learn the ropes in Silicon Valley over a five-year span.
In other significant developments, Binance confirmed to Cointelegraph their move to service Japanese cryptocurrency enthusiasts starting from August. This expansion is facilitated by their acquisition of Sakura Exchange Bitcoin (SEBC), a locally registered crypto exchange service provider, in 2022. Revisiting June 2023, it saw an announcement from the national tax agency about amended corporate tax legislation, providing tax relief on crypto token issuers’ unrealized gains.