The annual broad policy plan for Japan, according to Prime Minister Fumio Kishida, contains steps that prioritize user protection while also enhancing the environment for using Web3 tokens and reviving the content sector.In keeping with the Liberal Democratic Party’s acceptance of Web3, Kishida delivered these statements in a taped video shown at the WebX conference in Tokyo, which began on Tuesday.The leader of the nation reaffirmed that “Web3 is part of the new form of capitalism,” alluding to his key economic strategy designed to promote wealth creation and distribution by putting an emphasis on innovation, startups, and digital transformation.
“A major Japanese company will announce an ambitious large-scale project that will create a valuable economic zone in the metaverse,” Kishida said.
Just prior to Kishida’s address, Koichi Hagiuda, the head of the policy research council for the ruling Liberal Democratic Party, took the podium to outline the party’s position on Web3. He said that even those who are unfamiliar with the sector should adopt a “inclusive stance.”A small group of Japanese legislators have been working on regulations and policies for NFTs, stablecoins, and DAOs since last year. They have also eliminated an onerous tax obligation that drove project creators out of the country.