According to Prime Minister Fumio Kishida’s recent remark, Japan is preparing to improve its Web3 environment and strengthen the content business. They are considering steps in the country’s annual policy outline that prioritize user protection while simultaneously encouraging the usage of Web3 tokens and revitalizing the content sector.

Kishida’s commitment to Web3 was reiterated at the WebX conference in Tokyo, where he spoke to the audience via recorded video. He emphasized that Web3 represented a new type of capitalism that is consistent with his hallmark economic policy of promoting growth and income distribution through innovation, startups, and digital transformation.

Kishida teased an interesting development, adding that a prominent Japanese corporation will soon announce an ambitious large-scale initiative that will create a valuable economic zone in the metaverse.

web 3 in neon text

At the same event, the chairman of the ruling Liberal Democratic Party’s policy research council, Koichi Hagiuda, expressed the party’s position on Web3. He urged inclusivity, especially among people unfamiliar with the sector, and advocated for an open approach to facilitate collaboration and understanding.

Several Japanese lawmakers have been working hard over the last year to develop regulations and guidelines for NFTs, stablecoins, and DAOs. Furthermore, the country has made an important step forward by eliminating an onerous tax requirement that previously deterred project creators from operating in Japan.

As Japan continues to embrace Web3 technologies and legislation, the country intends to foster an environment that fosters technological innovation and propels the growth of its digital economy.