Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to supporting the Web3 industry, highlighting its potential to transform the Internet and spark social change.

Kishida made the comments in a keynote speech on the first day of the WebX conference in Tokyo, Japan, as originally reported from local media outlet CoinPost. On the same day, Binance CEO Changpeng Zhao announced that the cryptocurrency exchange will launch its services on the new Japanese platform in August 2023.

Kishida highlighted Web3’s potential to drive innovation across industries and highlighted the event’s role in bringing industry players to Japan to foster collaboration:

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

EOS Foundation CEO Yves La Rose looked on from the crowd during Kishid’s speech. She said on Twitter that the Prime Minister’s words signaled a welcoming attitude towards Web3 being cultivated in Asia:

Kishida further described the Web3 sector as a “new form of capitalism” and praised the movement’s potential to drive growth through “solving social problems”.

An opening speech by Koichi Hagiuda, Chairman of the Policy Research Council of the Liberal Democratic Party of Japan, noted Japan’s efforts to establish a strict regulatory framework aimed at protecting investors, which forms the basis of Web3’s further promotional policy.

Hagiuda also highlighted projects like “Start Next Innovator” as key to the growth of Japanese Web3 companies. A project by Japan’s Ministry of Economy, Trade and Industry is sending 1,000 entrepreneurs and students to Silicon Valley during a five-year campaign to support Web3 startups.

Binance begins life in Japan

Binance has confirmed to Cointelegraph that it plans to offer its services to Japanese cryptocurrency users starting in August. The company acquired local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022.

As the exchange is outlined in notification The 100% acquisition of the Japan-registered cryptocurrency service provider paved the way for Binance’s return to the country.

Related: Japanese and Singaporean regulators have joined forces on a cryptocurrency pilot project

In June 2023, there were headlines related to Japan and the Web3 sector. National Tax Office revised legislation that exempts token issuers in the country from paying corporate taxes on unrealized cryptocurrency profits.

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