Web3 is part of the ‘new capitalism’: Japanese PM Fumio Kishida

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Japanese Prime Minister Fumio Kishida has pledged to support Web3, claiming it can transform the country’s traditional internet framework.

Kishida spoke at the WebX Conference in Tokyo, where he defined Web3 as part of his government’s “new capitalism” economic model. The model relies on investing in people, technology, and innovation to kickstart a new era of growth for the world’s fifth-largest economy.

Japanese Prime Minister Fumio Kishida addresses at #webx

“Web3 is part of the New Form of Capitalism” pic.twitter.com/Q3XFFQIRzb

— WebX 2024 (Aug 28-29) (@WebX_Asia) July 25, 2023

In his virtual address, the PM stated that Web3 could transform Japan’s long-standing internet framework and lead to social change. He added that his government will continue supporting the industry and provide an environment for growth.

Kishida said he’s hopeful that major Japanese companies can leverage events like WebX to announce landmark projects and partnerships in the metaverse space.

“I have heard that a large Japanese company will take this opportunity to announce to the world a big, ambitious project that aims to create a valuable economic system in the metaverse,” he added. “I hope the Web3 industry will regain its attention and vitality, and several new projects will be born.”

Also present at the event was Koichi Hagiuda, the chairman of the ruling Liberal Democratic Party’s policy research council. In his address, Hagiuda stated that Japan is a global leader in Web3. Unlike its Western peers, the East Asian country has an established legal framework to protect investors. Additionally, the government is actively partnering with the private sector to promote Web3.

Hagiuda, a former Minister of Trade and Economy, revealed that the government continues to work on collaborating with other countries on Web3 development, including the United States, Singapore, and France.

Japan has embraced digital assets, the blockchain, and Web3 and is setting the pace for global regulations. Its strict laws led to FTX Japan becoming the first FTX-related entity to refund users in full this past February. The country requires that exchanges always segregate their customer assets and custody 95% of them in cold storage.

Watch: Tokentus venture capitalist on Web3 prospects