Web3 part of a ‘new capitalism’ says Japan PM Kishida Web3 part of a ‘new capitalism’ says Japan PM Kishida
Japanese Prime Minister's commitment to Web3 signifies new capitalism and the future of the digital economy
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Updated: Jul. 27, 2023 at 5:28 pm UTC
State Department photo by William Ng / Public Domain. Remixed by CryptoSlate
In a move demonstrating Japan’s commitment to Web3, Japanese Prime Minister Fumio Kishida stated the government is actively working to enhance and promote Web3, aligning with his administration’s larger vision of a “new capitalism.
As per a report by CoinPost, during its WebX Asia conference on July 25, Prime Minister Kishida shared insights via a video message touching on the transformative potential of Web3.
He articulated how Web3 can disrupt the traditional Internet framework, stimulate social transformation and inspire fresh ideas and projects. Reflecting on his upbeat sentiment, he said,
“I hope that the Web3 industry will regain its attention and vitality and that various new projects will be born.”
Digital Entrepreneurs & Regulation.
Before Prime Minister Kishida, Koichi Hagiuda, the chairman of the Liberal Democratic Party’s Policy Research Council, opened the WebX Asia conference by expressing his staunch support for startups focused on Web3.
In his speech, Hagiuda underscored the global potential of Web3 and highlighted the significance of two crucial Ministry of Economy, Trade, and Industry-led projects. These projects, named “Start Next Innovator” and “J-StarX,” are designed to encourage Japanese entrepreneurs and students to connect with innovation hubs across the globe, such as “the United States, France, and Singapore,” as per CoinPost.
Hagiuda also affirmed Japan has already implemented a stringent regulatory environment to safeguard individuals. Hagiuda praised the collaborative endeavors between the government, political arenas, and the private sector in boosting Web3, pointing out the importance of extending this network to international entities.
The Japanese government’s robust backing for Web3 at the WebX conference signifies a bright future for the digital economy and restates the nation’s commitment to staying at the forefront of technological innovation globally.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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