At the WebX Conference, Japan’s Liberal Democratic Party’s Policy Research Council Chairman, Koichi Hagiuda, and Japanese Prime Minister, Fumio Kishida, expressed their support for Web3 technology. Hagiuda emphasized Japan’s regulatory environment and its commitment to fostering Web3’s growth, while Kishida highlighted Web3’s revolutionary potential and its capacity to drive social change. He expressed hope that the conference would inspire impactful projects, especially in the Metaverse domain.

As part of the “Cool Japan” strategy to promote technology, the Liberal Democratic Party presented plans to boost Japan’s cryptocurrency industry and position the country as a crypto-friendly and innovative jurisdiction. These plans include changes to tax regulations, clarifications on accounting rules, and the establishment of a law governing decentralized organizations online.

Japan’s affirmation of support for Web3 technology and the promotion of the cryptocurrency industry demonstrate the country’s dedication to innovation and technological advancement in the financial sector and digital innovation as a whole. Japan aims to enhance its position as a leading nation in this field.