Japan to Embrace Web3, Binance Plans to Enter
Prime Minister of Japan and Binance affirm their commitment to Web3, highlighting its transformative potential and planned expansion efforts.
Web3, often defined as the next generation of the internet, is catching global attention, with Japan’s Prime Minister Fumio Kishida recognizing its potential to transform capitalism and stimulate societal evolution. In his WebX conference opening speech in Tokyo, Kishida emphasized Japan’s commitment to nurturing the Web3 sector. Moreover, on the same day, Changpeng Zhao, CEO of Binance, revealed the cryptocurrency exchange’s imminent expansion to Japan.
Japan’s Vision: Embracing Web3 as the New Face of Capitalism
The WebX conference in Tokyo served as the stage where PM Kishida shared Japan’s vision for the Web3 industry. CoinPost, a local Japanese media house, was the first to report his address, where Kishida underscored the power of Web3 to inspire cross-industry innovations. Additionally, the prime minister’s comments struck a chord with the audience, raising anticipation for fresh projects and collaborations within the Web3 space.
Web3’s potential was further highlighted by Kishida as he classified it as a “new form of capitalism”. He elaborated on its capabilities to stimulate economic expansion and address societal concerns. In addition to PM Kishida’s endorsement, Koichi Hagiuda, Chairman of the Policy Research Council for Japan’s Liberal Democratic Party, touched on the country’s efforts to lay down stringent regulations to protect investors, which form the backbone of promotional Web3 strategies.
Among Japan’s strategic Web3 initiatives is the “Start Next Innovator” project, driven by Japan’s Ministry of Economy, Trade, and Industry. Moreover, the project aims to support the rise of homegrown Web3 businesses by sending 1,000 entrepreneurs and students to Silicon Valley over a five-year period.
Binance’s Entry in Japan: A Step Towards Web3 Expansion
As Japan builds its roadmap for Web3, Binance, the world-leading cryptocurrency exchange, plans to extend its services to Japanese crypto users starting August 2023. Moreover, Binance’s entry into Japan became possible after acquiring the locally registered crypto exchange provider Sakura Exchange Bitcoin (SEBC) in November 2022.
Binance’s CEO, Changpeng Zhao, remotely joined the WebX conference and commended Japan for its progressive stance on the sector, dubbing it a “leader in the Web3 regulatory environment”. Furthermore, reflecting on his time in Japan as a young developer, he noted the nation’s long-established regulatory standards for crypto exchanges and their recent strides in crypto listing frameworks and stablecoin regulations.
As part of its push towards Web3, Japan made a significant policy move in June 2023, amending the tax law to exempt local token issuers from paying corporate taxes on unrealized gains from cryptocurrencies.