Japanese Prime Minister reaffirms strong support for Web3 industry
Japanese Prime Minister Fumio Kishida said the country plans to become a leader in web3 innovation and reaffirmed the governments strong support for the blockchain and crypto industry.
Kishida made the remarks during his keynote address at the WebX2024 conference on Aug. 28. He also emphasized Japans proactive approach during the talk, noting that the country has implemented significant regulatory measures to help nurture the ecosystem.
Supportive reforms
Kishida highlighted the governments recent tax reforms as a cornerstone of Japans strategy to support Web3 startups and noted that the industry has been growing since the changes.
Among these reforms is the elimination of taxes on unrealized crypto gains, a move aimed at reducing financial pressures on emerging companies and encouraging innovation in the sector. By easing these burdens, Japan hopes to attract both domestic and international entrepreneurs to its burgeoning Web3 ecosystem.
Kishida also discussed new legislative changes that allow limited partnership firms to invest in and hold digital assets. The new rules are expected to significantly boost domestic investment in Web3 ventures, which has been a key focus of the governments efforts to position Japan as a global hub for blockchain innovation.
The Prime Minister also referenced a government white paper that explores the potential of decentralized autonomous organizations (DAOs) and suggests creating a legal framework to recognize their status, further demonstrating the governments commitment to fostering a supportive environment for Web3
New Capitalism
Kishida linked the governments support for Web3 technologies to his broader New Capitalism policy, which aims to balance economic growth with social welfare by leveraging innovative technologies to address societal challenges.
He highlighted how Web3 and blockchain technologies could play a pivotal role in this vision by fostering financial inclusion, revitalizing the content industry, and enabling new forms of intellectual property management. Kishida described them as crucial tools for driving innovation and solving social issues, which are central to his economic agenda.
The Prime Minister also emphasized that New Capitalism is about more than just economic policies; its about creating a society where innovation leads to tangible improvements in peoples lives. He framed Web3 as an essential component of this strategy, noting that its potential to revolutionize various industries aligns with the goals of his administrations economic reform efforts.
Kishida praised the private sectors rapid adoption of Web3 technologies, noting that several major corporations have already begun integrating blockchain solutions into their business models. He emphasized the governments proactive stance, designed to complement these developments and ensure that Japan remains at the forefront of global technological innovation.
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