Japan’s Prime Minister, Fumio Kishida, recently voiced his support for the web3 sector and its potential to redefine the internet landscape. Speaking at the Webx Web3 Conference in Tokyo, Kishida delved into the transformative capabilities of Web3 technology and potential to significantly alter the digital and social world. He expressed a vision incorporating web3 as a component of the novel “new capitalism” economic policy championed by his administration.
Government Support for Web3’s Development
With an eye on the future, Kishida’s administration has demonstrated its commitment to fostering the growth of Web3. As the Prime Minister stated at the conference, his government’s “new capitalism” policies have been structured to aid the development and expansion of the web3 sector.
Backing this commitment is an active project within the government focused on web3.
The Liberal Democratic Party (LDP) established the “web3 project team” in January 2022, a dedicated unit within their headquarters for promoting the digital society. They have advised that web3 promotion should be included in Kishida’s “new capitalism” agenda, highlighting the recognition of web3 as the future frontier of the digital economy.
Amid the prevailing dialogue about web3, the inaugural address by Koichi Hagiuda, the Policy Research Council Chairman of Japan’s Liberal Democratic party, marked another notable highlight of the conference. Hagiuda took the opportunity to outline Japan’s proactive approach to setting up a robust regulatory framework designed to safeguard investors. This initiative is considered foundational for promoting Web3 policies in the country.
Significantly, Hagiuda drew attention to initiatives like the “Start Next Innovator” program, pinpointing them as essential for catalyzing the growth of Web3 businesses originating from Japan. This pioneering project, under the jurisdiction of Japan’s Ministry of Economy, Trade and Industry, is dedicated to sending a thousand entrepreneurs and students to Silicon Valley. The campaign, set to span over five years, is expected to stimulate the emergence of web3 startups and imbibe them with the innovative spirit and culture prevalent in the tech-forward Silicon Valley.
Industry Response and Potential Economic Impact
The PM voiced his hopes that major Japanese corporations would utilize platforms like the Webx Web3 Conference to announce significant initiatives targeting the creation of profitable economic zones within the metaverse. This ambitious approach may see Japan leading the charge in integrating Web3 technologies into mainstream business operations.
Interestingly, this forward-looking stance has already attracted the attention of prominent players in the crypto space. Circle, the issuer of the second-largest stablecoin, USDC, has been exploring the possibility of launching a stable cryptocurrency in Japan. Circle’s CEO, Jeremy Allaire, previously suggested that Japan could become a significant stablecoin market, given its active interest in web3 technologies.
Prime Minister Fumio Kishida’s support for web3 underlines the Japanese government’s strategic intent to harness the potential of this next-generation technology. Coupled with interest from major industry players and efforts to cultivate a favorable climate for web3, Japan seems well-positioned to become a pivotal player in the emerging digital frontier.