Meanwhile, Binance is preparing to launch its services on a new Japanese platform next month.
Japanese Prime Minister Fumio Kishida has described Web3 as “a new form of capitalism.” He made the remarks during his keynote speech on the first day of the two-day WebX conference in Tokyo, declaring Japan’s commitment to ensuring the development of the local Web3 industry, which he believes has the potential to transform the internet and promote social reform.
WebX bills itself as "Asia's largest web3 conference," drawing startups, investors, government officials, media, and industry heavyweights alike. Koichi Hagiuda, chairman of the LDP's Policy Research Committee, opened the conference by highlighting the country's progress in adopting Web3. He noted the country's efforts to establish a regulatory framework that is appropriate for the industry and designed to protect investors. Hagiuda also praised individual projects, hailing the "Start Next Innovator" program as key to the proliferation of local Web3 businesses. The Ministry of Economy, Trade and Industry project will send 1,000 entrepreneurs and students to Silicon Valley over five years, dedicated to promoting the development of Web3 startups.
Prime Minister Kishida also expressed confidence in the technology’s ability to foster innovation across industries, adding:
“I hope that the Web3 industry will regain attention and vitality, and various new projects will be born.”
EOS Foundation CEO Yves La Rose attended the event and tweeted about Asia’s welcoming attitude toward Web3.
This sentiment comes as the global cryptocurrency exchange Binance prepares to launch its services on a new Japanese platform next month. This was made possible in November 2022 when the cryptocurrency exchange acquired 100% of Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange service provider registered with the Japan Financial Services Agency (JFSA).
“The Japanese market will play a key role in the future adoption of cryptocurrency. As one of the world’s leading economies with a highly developed technology ecosystem, it is well-positioned for strong blockchain adoption,” said Takeshi Chino, Binance Japan’s general manager, in the official acquisition announcement. “We will actively work with regulators to develop our joint exchange for local users in a compliant manner, and we are eager to help Japan play a leading role in the cryptocurrency space.”