Japan’s Prime Minister Reiterates Country’s Web3 Plans 

Fumio Kishida, the prime minister of Japan, appeared during the WebX conference in Tokyo, where he reiterated the government’s commitment to growing the local Web3 ecosystem. Notable, on the same day, Binance CEO Changpeng Zhao said the company will begin offering crypto trading services in Japan next month. 

Japan’s Prime Minister Doubles Down on Web3

Japan’s prime minister Fumio Kishida said the country remains committed to developing its Web3 sector, stressing the technology’s potential to transform the future of the internet and provoke social changes. Kishida’s remarks came during his appearance at the WebX conference in Tokyo, the largest Web3 conference in Asia.  

Kishida also emphasized Web3’s potential to fuel innovation across different industries and pointed out the WebX conference’s importance in bringing Web3 players together.

“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born.”

– Kishida said.

Earlier this year, several members of Japan’s Liberal Democratic Party shared a document outlining plans to grow the country’s Web3 industry, including changing tax rules, clarifying accounting regulations, and developing a framework for regulating decentralized organizations. The document was published several months after Web3 lawmaker Masaaki Taira called for an easing of crypto regulations.

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Binance Returns to Japan After Five Years

On the same day Kishida appeared at the WebX conference, Binance CEO Changpeng Zhao also spoke, announcing the crypto exchange’s plans to launch its services on a new Japanese platform in August.  

Binance bought the regulated local crypto exchange Sakura Exchange Bitcoin in November 2022, laying the groundwork to reenter the Japanese market. Back then, Binance said Japan carried significant potential in the emerging Web3 space and would likely play an essential role in the continued crypto adoption.

The move represents Binance’s return to Japan nearly five years after leaving the country. The crypto trading platform departed Japan in 2018 due to the complex regulatory landscape in the nation. This year, the cryptocurrency exchange left several countries, including Canada, Cyprus, and the Netherlands. 

Do you think Japan could become one of the leading Web3 hubs in the future? Let us know in the comments below.