Japan Plans to Become a Leader in Web3 Innovation, Prime Minister Fumio Kishida Says

Japanese Prime Minister Fumio Kishida said the country plans to become a leader in web3 innovation and reaffirmed the government's strong support for the blockchain and crypto industry.

Japanese Prime Minister Fumio Kishida has outlined the country’s aspiration to become a leader in Web3 innovation and reiterated the government’s strong support for the blockchain and crypto industry.

Speaking during his keynote address at the WebX2024 conference on Aug. 28, Kishida highlighted Japan’s proactive approach, which has included implementing key regulatory measures to foster the ecosystem’s growth.

Emphasizing the government’s recent tax reforms as a pillar of Japan’s strategy to support Web3 startups, Kishida noted that the industry has seen growth following the changes.

One key reform is the elimination of taxes on unrealized crypto gains, a move intended to ease financial pressures on emerging companies and encourage innovation in the sector. By reducing these burdens, Japan aims to attract both domestic and international entrepreneurs to its rapidly expanding Web3 ecosystem.

The Prime Minister also covered new legislative changes that permit limited partnership firms to invest in and hold digital assets. The new rules are set to significantly expand the scope of domestic investment in Web3 ventures, which has been a central focus of the government’s efforts to position Japan as a global hub for blockchain innovation.

Furthermore, Kishida highlighted a government white paper that explores the potential of decentralized autonomous organizations (DAOs) and proposes creating a legal framework to recognize their status, further indicating the government’s commitment to nurturing a supportive environment for Web3

Kishida linked the government’s support for Web3 technologies to his broader “New Capitalism” policy, which aims to combine economic growth with social welfare by leveraging innovative technologies to address societal challenges.

Highlighting how Web3 and blockchain technologies could factor into this vision by fostering financial inclusion, revitalizing the content industry, and enabling new forms of intellectual property management, Kishida described them as key tools for driving innovation and solving social issues, which are central to his economic agenda.

The Prime Minister also noted that “New Capitalism” encompasses more than just economic policies, aiming to create a society where innovation leads to tangible improvements in people’s lives. Framing Web3 as an essential component of this strategy, he noted that its potential to revolutionize various industries aligns with the goals of his administration’s economic reform efforts.

Kishida praised the private sector’s rapid adoption of Web3 technologies, adding that several major corporations have already begun integrating blockchain solutions into their business models. He highlighted the government’s proactive stance, designed to complement these developments and ensure that Japan remains at the forefront of global technological innovation.

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