Japan PM Reaffirms Web3 Stance, Binance Poised for Return

UTC by Mercy Tukiya Mutanya · 2 min read
Japan PM Reaffirms Web3 Stance, Binance Poised for Return
Photo: Wikimedia Commons

Meanwhile, Binance is preparing to launch its service on a new Japanese platform next month.

Japan’s Prime Minister Fumio Kishida has described Web3 as a “new form of capitalism”. He made these remarks during his keynote address on day one of the two-day WebX conference in Tokyo, asserting the country’s commitment to ensuring the growth of the local Web3 industry, an industry that he believes has the potential to transform the internet and foster social reform.

WebX, self-described as “Asia’s largest web3 conference”, attracts attendance from startups, investors, government officials, the media, and industry heavyweights, among others. Opening the conference, the chairman of the Liberal Democratic Party’s Policy Research Council, Koichi Hagiuda highlighted the country’s progress in Web3 adoption. He noted the country’s efforts in establishing a regulatory framework tailored to the industry and designed to protect investors. Hagiuda also commended individual projects, hailing the “Start Next Innovator” project as key to the proliferation of locally-owned Web3 businesses. The Economy, Trade, and Industry Ministry project will, over a five-year period, work at fostering the growth of Web3 startups by sending 1,000 entrepreneurs and students to Silicon Valley.

Prime Minister Kishida also expressed confidence in the technology’s ability to promote cross-industry innovation, adding:

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

EOS Foundation CEO Yves La Rose was present at the event and tweeted that the prime minister’s words were a sign of Asia’s welcoming attitude toward Web3.

The sentiments come as global crypto exchange Binance is preparing to launch its service on a new Japanese platform next month. This was made possible when the crypto exchange made a 100% purchase of the Japan Financial Services Agency (JFSA) -registered Sakura Exchange BitCoin (SEBC), a crypto exchange service provider in November 2022.

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” said the general manager of Binance Japan Takeshi Chino, said in the official announcement of the acquisition.

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