- Japan’s Prime Minister shows support for Web3 at an international crypto conference.
- Binance plans to launch in Japan.
- Japan’s support for Web3 may encourage other countries to follow suit.
Japan Prime Minister Share Plans for Web3 Promotion
During WebX, the largest crypto conference in Asia, the Prime Minister of Japan, Fumio Kishida, expressed his support for Web3. In a keynote speech at the crypto event, Kishida reiterated his country’s interest in Web3.
He shared Japan’s plans for creating a progressive environment for Web3. The plans include adding measures to protect users and creating an environment where Web3 tokens can be utilized in the country’s annual broad policy outline.
In a video message, Fumio Kishida acknowledges Web3’s potential as a revolutionary tool. He stated how Web3 could transform the conventional framework and expressed the country’s interest in improving an environment where Web3 can thrive.
Fumio Kishida also referred to Web3 as a form of capitalism that complies with his economic policy.
Coinpost reported that the Prime Minister hoped more Japanese companies in Web3 would launch a large-scale project focused on the Metaverse.
“I hope that the Web3 industry will regain its attention and vitality and that various new projects will be born,” Kishida said.
Before Kishida’s supportive speech, The Liberal Democratic Party Research Council Chairman, Koichi Haguida, expressed the ruling party’s stance on Web3. Haguida affirmed Japan’s strict regulatory framework, designed to protect investors. He stated that the country’s firm stance on regulations is a basis for providing more promotional policies for Web3.
Haguida cited projects like “Start Next Innovator” as the driving force for developing Japanese-based businesses in Web3. He also noted the country’s interest in promoting Web3 businesses through several projects. The Economy, Trade, and Industry Ministry Project is sending 1000 students and entrepreneurs to Silicon Valley over a five-year campaign to promote Web3 startups in Japan.
Binance to Launch in Japan
Binance, the largest crypto exchange, has announced its plan to launch its full services in Japan.
ChangPeng Zhao, the founder and CEO of Binance, announced via a video appearance at the WebX conference on Tuesday. According to him, Binance will launch full operations in Japan in August.
Binance bought Sakura Exchange BitCoin (SEBC), a Japan-based crypto exchange platform, last November. After the acquisition of SEBC, Binance announced its plans to launch Binance Japan in June. The rebranding of SEBC into Binance Japan is the crypto giant’s second attempt to enter the Japanese market.
In 2018, Binance’s attempts at acquiring a regulatory license failed. The crypto giant had to shut down its operations in Japan after its attempt at securing an independent license failed. Five years after facing regulatory compliance issues, Binance will reenter the Japanese market in August.
This is refreshing amidst the gloom from the SEC lawsuit against Binance and the crypto giant’s partners withdrawing support.
Binance has been under scrutiny from regulators, critics, and even its users after the lawsuit initiated against the crypto exchange by SEC.
However, Ripple’s surprising victory over the SEC has become a hopeful precedent for the crypto industry.
