Japan PM Highlights Web3, Blockchain as Solutions to Social Issues

Japan Web3
PM Fumio Kishida also said that the government will prioritize Web3 token adoption, streamlined payments, and content industry revitalization in its future policies.
Last updated:
Crypto Reporter
Crypto Reporter
Shalini Nagarajan
Author Categories
About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Japan’s Prime Minister Fumio Kishida declared on Wednesday that Web3 and blockchain technology are fundamental in addressing the country’s societal issues.

He delivered this message through a video address during the opening ceremony at WebX 2024, an event hosted by Japanese Web3 media firm CoinPost, at The Prince Park Tower in Tokyo.

Kishida, who will step down as PM in September, discussed Web3’s role in the context of his government’s “New Capitalism” policy, stressing that solving social issues will drive economic growth.

Japan’s Future Policies to Boost Web3 Tokens and Smooth Payments

He also mentioned that the government’s future policies will focus on creating an environment that supports the use of Web3 tokens. Additionally, it will ensure smooth payment processes and work towards revitalizing the content industry.

Kishida commended the dynamic changes within the private sector, including the transformation of major corporations over the last year, and said that the government has taken decisive action through tax and legal reforms to ease fundraising for Web3 startups.

Further, the Prime Minister conveyed his expectation that innovations addressing social issues will continuously emerge.

Japan’s Tech Leadership Grows with Web3 Reforms and Digital Currency Vision

Japan has been enhancing its regulatory framework to better accommodate Web3 and crypto. Recent amendments now allow venture capital firms to invest directly in Web3 projects.

Previously, startups could only offer shares because the law prohibited giving Limited Partner investors cryptocurrency. These changes have removed those restrictions.

Japan is also exploring stablecoins like JPYCoin and the potential for a digital yen. The goal is to enhance the global reach of the Japanese yen in digital form.

More Articles

Bitcoin News
Phoenix Group Reports 236% Revenue Surge, Hits $107M Amid Global Crypto Mining Expansion
Hassan Shittu
Hassan Shittu
2025-02-12 14:29:12
Price Analysis
Will XRP Explode to $5? XRPL Sees Record Transaction Growth in Bullish Sign
Arslan Butt
Arslan Butt
2025-02-12 14:24:55
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors