During the WebX conference in Tokyo, Prime Minister Fumio Kishida of Japan delivered a compelling video presentation reaffirming his commitment to embracing Web3 technology and harnessing the metaverse’s vast economic potential. Kishida views Web3 as a driving force behind a new era of capitalism in Japan, one defined by innovation, startups, and digital progress, all while prioritizing user safety and reviving the content industry.

Stressing the government’s dedication to the Web3 movement, Koichi Hagiuda, the policy research council chairman of the ruling Liberal Democratic Party, advocated for an inclusive approach, encouraging everyone, even those unfamiliar with Web3, to actively shape Japan’s future in this rapidly evolving field.

Exciting developments have also emerged from the private sector, with a major Japanese company on the verge of announcing a groundbreaking large-scale project to establish a valuable economic zone within the metaverse. This initiative could set a precedent for other corporations, propelling Japan’s metaverse development and bolstering its position in the global digital landscape. One such notable corporation, Nissan, made waves in March 2023 by venturing into the Web3 arena, filing four Web3-related trademarks in the US and exploring auto sales in the metaverse. This trend indicates the growing interest of established companies in exploring the vast opportunities presented by the metaverse and Web3 technology.

The release of Japan’s ruling Liberal Democratic Party’s Web3 white paper in April 2023 demonstrated the government’s determination to create a conducive environment for the cryptocurrency sector. The paper included vital proposals, such as tax regulation modifications and accounting standards, to attract more crypto-focused businesses. The recommendation to model a DAO law after Japan’s godo kaisha will establish a supportive regulatory framework, fostering further innovation and investment in Web3 and crypto projects.

Japan aims to become a prominent player in cryptocurrency discussions, as evident during this year’s G7 summit. By advocating for technology-agnostic and ethical innovation, the country positions itself as a global leader in the crypto sector, solidifying its status as a digital powerhouse.

Prime Minister Fumio Kishida’s unwavering support for Web3 and the metaverse is set to propel Japan’s digital transformation, reshaping its economic landscape. Backed by the government and influential entities like Nissan, Japan’s Web3 and cryptocurrency sectors are poised for exponential growth. As Japan showcases its leadership during the G7 summit, it is likely to inspire other nations to follow suit, paving the way for a more interconnected and digitally empowered future.

By Impact Lab