Japanese Prime Minister Reaffirms Government Commitment in Web3 Projects

Fumio Kishida, the prime minister of Japan, has announced the government’s commitment to support the growth of the Web3 sector. In a video conference, the prime minister addressed the WebX attendees on the potential benefits of Web3 in transforming the traditional framework of the internet. He anticipates that Web3 will improve the social life of many.

The prime minister’s statement was featured on a Japanese local media outlet CoinPost. According to the report, Kishinda expressed optimism that the WebX conference will bring the key players in the Web3 sector together. Also, the prime minister mentioned that the conference would enable Japan to strengthen its business links with other countries.

Japanese Government to Invest in Web3 Projects

He anticipates that the participants will share their incredible projects that will stimulate economic development and the growth of the metaverse sector. In his speech, Kishida remains optimistic that the Japanese Web3 sector will regain its vitality. He expects that after the WebX conference, more Web3 projects will be launched.

Before Kishida delivered his presentation, the Liberal Democratic Party chairman Koichi Hagiuda demonstrated his willingness to support Japanese Web3 startups. The chairman admitted that Japan had welcomed Web3 technologies as the world continues to shun away from such technology.

Even though Japan has adopted stringent regulations to protect investors and customers from exploitation, the government has teamed up with regulatory agencies to improve the Web3 sector.

In his intriguing report, Hagiuda outlined the benefit of building a network with international players. He recalled a project sponsored by the Ministry of Economy Trade and Industry dubbed “Start Next Innovator” that equipped 1000 entrepreneurs with fundamental knowledge of emerging technologies, including Web3.

Among the program’s beneficiaries included Japanese scholars and investors who will launch campaigns on Web3 in Silicon Valley for five years.

Japan Plans to Restore its Web3 Sector

Meanwhile, the Ministry of Economy has launched a new dispatch program, “J-StarX,” which is expected to start this year. This program will attract participants from the US, France, Singapore, and other countries.

Referring to Hagiuda’s speech, the executive announced that by implementing effective measures that support early startups, Japan would have booming Web3 and crypto sector.

Following Kishida and Hagiunda’s keynote speeches, the chief executive of EOS Foundation, Yves La Rose, updated on Twitter the minister’s commitment to fostering Web3 growth in Asia.

The minister’s speech came when Binance planned to explore the Japanese market by launching its service on a new platform. In an exclusive interview with the BNNBloomberg, Binance chief executive Changpeng Zhao announced that the crypto exchange plans to offer Japanese users crypto services from August.

Before the launch, the Binance team has been targeting to return to the vibrant Japanese market. In 2022 Binance closed a merger and acquisition deal with the Japanese-based exchange platform Sakura Exchange Bitcoin (SEBC). The acquisition of SEBC continues to pave way for Binance to set foot in Japan.

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