In a keynote speech underscoring Japan’s resolve towards pioneering advancements in the Web3 arena, Prime Minister Fumio Kishida emphasized the technology’s ability to restructure internet paradigms and initiate significant societal alterations.
The Power of Web3: Catalyzing Cross-Industry Innovation
Kishida’s comments echoed worldwide from the stage of the influential WebX conference in Tokyo, a first-day revelation reported on by CoinPost. Coinciding with this news, the esteemed Chief Executive Officer of Binance, Changpeng Zhao, unveiled plans for the crypto trading giant to initiate services on a fresh Japanese platform come August 2023.
Prime Minister Kishida extolled Web3’s promise as a fuel for innovation, stretching across various sectors. They also underscored the significance of events like WebX in gathering global industry pioneers in Japan to spark synergy. “My vision is for the Web3 domain to rekindle its dynamism and evolve into a birthplace for a myriad of pioneering projects,” he stated.
Witnessing Kishida’s dynamic address from the audience, Yves La Rose, the CEO of the EOS Foundation, acknowledged on Twitter the Prime Minister’s supportive stance towards Web3, echoing a sentiment progressively cultivated across Asia.
Web3: The New Face of Capitalism
Kishida delved deeper into his vision for Web3, characterizing the burgeoning sector as the “new avatar of capitalism.” He championed the movement’s capacity to stimulate economic growth by resolving complex social issues.
Echoing these sentiments, Koichi Hagiuda, Chairman of Japan’s Liberal Democratic Party’s Policy Research Council, underscored Japan’s efforts to erect a stringent regulatory architecture designed to safeguard investors. That approach forms a cornerstone for promoting Web3-related policies.
Hagiuda spotlighted initiatives such as “Start Next Innovator” as crucial accelerators propelling the expansion of Japanese-owned Web3 enterprises. This ambitious project by Japan’s Economy, Trade, and Industry Ministry aims to dispatch 1,000 entrepreneurs and students to Silicon Valley over half a decade, incubating the growth of Web3 startups.
Binance: A New Chapter in Japan
Adding momentum to Japan’s burgeoning crypto scene, Binance has announced it will extend its services to Japanese crypto enthusiasts starting in August. The leading exchange platform solidified its footprint in the Japanese market by acquiring the local crypto exchange entity, Sakura Exchange Bitcoin (SEBC), in November 2022.
Binance’s 100% procurement of the Japanese-registered crypto service provider carved the path for the exchange’s much-anticipated reentry into the nation. This strategic acquisition marks a significant milestone in Binance’s expansion strategy. It also sets the stage for a vibrant future of crypto trading in Japan.
As the new dawn of Web3 innovation illuminates Japan, all eyes are on the country’s commitment to fostering this transformational industry. It carries the potential to redefine the internet and catalyze profound societal change.
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