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Japan Prime Minister Embraces Web3, Binance Ready to Launch

Japan Web3
By Nicolo Finazzi
Nicolo Finazzi

2 Min

July 26, 2023
  • Prime Minister Fumio Kishida reaffirms commitment to fostering Japan Web3 industry.
  • Web3 described as a "new form of capitalism" with potential to transform the internet and address social issues.
  • Binance set to launch its services in Japan from August 2023.

Japan's Prime Minister, Fumio Kishida, has reaffirmed the nation's dedication to nurturing the Web3 industry, considering it a "new form of capitalism". He believes Web3 has the potential to revolutionize the internet and instigate positive social change. During his keynote speech at the WebX conference in Tokyo, Kishida emphasized the importance of bringing industry players to Japan. This has the goal to foster collaboration and pave the way for new projects. The event witnessed the presence of EOS Foundation CEO Yves La Rose, who applauded Japan's welcoming attitude towards Web3.

Kishida emphasized that the Web3 sector could drive innovation across industries and facilitate the resolution of societal challenges, promoting growth. Japan's Liberal Democratic Party's Policy Research Council chairman, Koichi Hagiuda, noted the country's efforts to establish a robust regulatory framework to protect investors, supporting further promotional policies for Web3.

In line with the commitment to Japan Web3 advancement, Binance confirmed that it would offer its services to Japanese cryptocurrency users starting August 2023. The acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022 enabled Binance's reentry into the country.

Binance CEO Changpeng Zhao (CZ) virtually addressed the WebX conference, praising Japan's innovation-friendly approach to the crypto sector. He acknowledged Japan's clear and well-established boundaries regarding crypto exchange regulations and stablecoin regulations since 2017.

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