During the WebX conference in Tokyo, Japanese Prime Minister Fumio Kishida emphasized Japan’s unwavering commitment to nurturing the Web3 industry and acknowledged its potential to transform the internet and bring about societal advancements. In line with this dedication, Binance announced its forthcoming launch on a new Japanese platform in August 2023, following the acquisition of Sakura Exchange Bitcoin (SEBC) in November 2022. This move reinforces Japan’s progressive approach to Web3 and solidifies its position as a front-runner in the Web3 regulatory landscape.
Web3’s Potential to Drive Innovation and Social Growth
In his address at the WebX conference, Prime Minister Fumio Kishida emphasized the transformative potential of Web3, envisioning it as a new form of capitalism capable of driving innovation across industries. He expressed hope for the Web3 industry to regain its vitality and generate new projects that address social issues. The presence of EOS Foundation CEO Yves La Rose at the event demonstrated international interest in Japan’s approach to fostering the Web3 sector.
Japan’s Regulatory Framework for Web3 Promotion
Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, highlighted the country’s efforts to establish a strict regulatory framework aimed at protecting investors and promoting the growth of Web3 businesses. Notably, projects like “Start Next Innovator” are playing a crucial role in nurturing Japanese-owned Web3 startups. Additionally, Japan’s Economy, Trade, and Industry ministry is sending 1,000 entrepreneurs and students to Silicon Valley over five years to further support the development of Web3 startups.
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Binance’s Reentry into Japan’s Crypto Market
Binance CEO Changpeng Zhao, also known as CZ, commended Japan’s innovation-friendly approach to the crypto sector in his virtual keynote address at WebX. Having lived in Japan during the early years of his career as a developer, CZ acknowledged the country’s clear regulatory boundaries toward cryptocurrencies that have been in place since 2017. Binance‘s acquisition of SEBC, a Japanese-registered crypto exchange service provider, facilitated the exchange’s official reentry into the Japanese market, which it views as having immense potential in the emerging Web3 industry.
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Japan’s Tax Legislation and Binance’s Future Plans
Japan’s recent revision of legislation that exempts token issuers from paying corporate taxes on unrealized cryptocurrency gains further demonstrates the country’s favorable stance toward the crypto sector. Binance’s full-service offering for Japanese users, scheduled to begin in August, aligns with its commitment to the nation’s Web3 ecosystem. The exchange initially planned to discontinue services for Japanese users on its global platform but later decided to provide a new local platform, allowing current users to migrate through a new identity verification process.
Conclusion
Japan’s Prime Minister Fumio Kishida’s reaffirmation of the country’s dedication to the Web3 industry at the WebX conference reflects the nation’s eagerness to embrace innovation and drive social change. The upcoming launch of Binance’s services on a new Japanese platform further solidifies Japan’s position as a leader in the Web3 regulatory environment and marks an exciting milestone in the country’s crypto journey. With Japan’s continued efforts to promote Web3 businesses and establish a robust regulatory framework, the nation is set to play a significant role in the global adoption of cryptocurrencies and blockchain technology.
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