Fumio Kishida, Japanese Prime Minister declared his country’s commitment to fostering the Web3 industry, he emphasized its potential to transform the conventional framework of the Internet and bring about social change.
According to the local media outlet CoinPost, Kishida made these comments in a video recorded at the WebX conference in Tokyo, Japan. He believed that “Web3 is part of the new form of capitalism,” and commended the movement’s potential to drive growth by concentrating on innovation, startups, and digital transformation.
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born,” Minister Kishida expressed his enthusiasm.
The Liberal Democratic Party’s policy research council chairman Koichi Hagiuda noted that Japan has established a strict regulatory framework for Web3 policies, aimed to build a protective digital environment for individuals.
In addition, the “Start Next Innovator” program, led by the Ministry of Economy, Trade and Industry (METI) has dispatched about 1,000 entrepreneurs and students to Silicon Valley over the past five years. Hagiuda pointed out the importance of the METI’s project for Web3 promotion and proposed that the government, political circles, and the private sector are working together to promote Web3.