Japan’s Web3 Dominance

The Chairman of the Liberal Democratic Party’s Policy Research Committee. Mr. Hagiuda has passionately expressed his support for Web3 startups and emphasized Japan’s leading position in the adoption of this emerging technology. He stated this at WebX, Asia’s largest global conference focused on Web3 technology which commenced July 7th, organized and hosted by CoinPost Co., Ltd.

According to Coinpost, Japanese Prime Minister Fumio Kishida stated at the WebX conference that Web3 has the potential to change the traditional framework of the Internet and trigger social changes, and the government is working hard to improve the environment for promoting Web3.…

— Wu Blockchain (@WuBlockchain) July 25, 2023

Web3 Startup Expansion

Koichi Hagiuda, in his opening remarks, highlighted the country’s strict regulatory environment, which aims to safeguard individuals and foster collaborative efforts between the government, politics, and the private sector to promote Web3 businesses. According to him, Japan is blessed with a wealth of opportunities to advance in the realm of Web3.

In his address, Mr. Hagiuda shed light on the global nature of Web3 and underscored the significance of forming strong networks with overseas nations. He pointed to the Ministry of Economy, Trade and Industry’s “Next Innovator” project, which sent approximately 5,100 entrepreneurs and students to Silicon Valley over the past five years. Additionally, the ministry is launching the “J-StarX” program this fiscal year, expanding the dispatch area to include the United States, France, and Singapore. These initiatives are expected to foster the growth of outstanding startups and boost Japan’s influence in the global Web3 arena.

Japan’s Prime Minister, Fumio Kishida, while addressing the conference via a video message introduced the concept of “new capitalism” embraced by the Kishida administration, which emphasizes using the resolution of social issues as a catalyst for economic growth. Prime Minister Kishida acknowledged the potential of Web3 to revolutionize the conventional Internet framework and bring about positive social change. He assured the attendees of the government’s commitment to creating a conducive environment for the advancement of Web3 technology.

Prime Minister Kishida expressed his hopes that WebX would serve as a platform for key players in the industry to discuss the future and encourage collaboration between Japan and international stakeholders. He particularly urged major Japanese companies to present their ambitious projects for building valuable economic zones in the metaverse space to a global audience during the conference.