The Japanese government keeps actively developing the Web3 industry in the country, expressing support for local initiatives and recognizing their potential within the scope of solving social problems. In turn, this approach is attracting more crypto companies to the region.
Japanese Prime Minister Fumio Kishida told journalists that the government is keen to continue developing the Web3 industry in the region and will promote innovation. This was reported by a local media outlet.
Kishida said in a statement that Web3 technologies had the potential to transform the global network and social change, referring to them as “a new form of capitalism.” According to the official, the government will continue encouraging innovation in various sectors, hoping to develop new projects actively. Kishida’s colleague Koichi Hagiuda, Member of the Liberal Democratic Party of Japan, said the government was actively developing a regulatory framework for the Web3 field, bringing clarity to the sector and attracting new entrants.
Japan’s friendly attitude to Web3 initiatives and active support of the industry in the region didn’t go unnoticed by cryptocurrency companies. For example, Binance will start providing its services to users in the country in August. This was announced by its CEO Changpeng Zhao during an online conference. The company acquired a local licensed exchange Sakura Exchange Bitcoin Exchange (SEBC) for this purpose last year. CEO of Binance called the country “a flagship leader for Web3 regulatory environments” and expressed hope for further cooperation with the country’s leadership.
The Japanese authorities are developing guidelines for Web3 enterprises to provide a “welcoming atmosphere” for crypto businesses and making changes to tax laws. The Bank of Japan (BOJ) is actively developing the CBDC.
