By George Ward
Prime Minister Fumio Kishida of Japan recently declared his nation’s unwavering commitment to supporting the developing Web3 industry. Coincidentally, the world’s largest crypto exchange Binance also announced its intention to unveil new services to the Japanese market.
Announcing Web3 Plans
Kishida delivered a keynote address at the WebX event in Tokyo, Japan, and seized the opportunity to share his perspective on the crypto landscape. Attendees at the conference were excited by Kishida’s insightful comments about the industry.
Meanwhile, Changpeng Zhao, the CEO of the leading cryptocurrency exchange Binance announced that the crypto firm will launch new services for Japan’s crypto market. Zhao added that Binance plans to launch the first set of services by next month.
The highlight of the WebX conference was when the Prime Minister stated that Web3 was the latest form of capitalism. Kishida emphasized that Web3 can facilitate innovation across multiple industries.
Furthermore, he stressed the event’s critical importance, noting that it catalyzes collaborations between prominent industry players and Japan’s technological landscape. Data shows that Koichi Hagiuda, the head of the Policy Research Council of the Liberal Democratic Party of Japan, laid the groundwork for initiatives that promote Web3 advancements.
Thus, his actions prove that Japan is committed to creating a robust regulatory framework to protect investors. Hagiuda referenced important initiatives like “Start Next Innovator,” emphasizing their crucial role in fostering the expansion of local Web3 businesses.
Sending 1,000 entrepreneurs and students to Silicon Valley over five years is one impressive initiative by Japan’s Ministry of Economy, Trade, and Industry, primarily empowering them to start Web3-related projects.
Binance To Open Shop In Japan
Meanwhile, Binance has released an official statement confirming the anticipated expansion of its services to cater to the Japanese crypto market beginning in August. This strategic move follows Binance’s acquisition of the local crypto trading platform, Sakura Exchange Bitcoin (SEBC), in November 2022.
The move solidifies its commitment to the Japanese market and facilitates greater access to digital assets for the country’s crypto enthusiasts. This acquisition also marked a significant milestone in Binance’s mission to increase cryptocurrency accessibility and adoption in Japan, a country known for its progressive stance on blockchain technology and digital innovations.
Binance plans to combine its cutting-edge technology, robust security measures, and vast liquidity pools with the well-established expertise of the Japanese service provider through the acquisition. This formidable alliance aims to provide Japanese traders and investors with a seamless and secure platform to participate in the exciting world of cryptocurrency.
Furthermore, Binance’s collaboration with the Japanese service provider will boost the country’s crypto ecosystem to new heights. As regulatory compliance and user safety remain top priorities for the partnership, Binance is closely working with local authorities to ensure their operations comply with existing regulatory policies.
Last month, Japan’s tax agency made a ground-breaking move by revising part of its crypto legislation. The modified parts give token issuers a significant advantage – complete exemption from paying corporate taxes on unrealized cryptocurrency gains.
Meanwhile, the Japanese tax authorities’ move was a huge surprise to the global cryptocurrency community, sparking lively discussions and debates about the further adoption of the Web3 ecosystem globally.