Japan’s prime minister hints at improving the web3 space

Japan’s prime minister Fumio Kishida participated in the crypto conference WebX to share his enthusiasm for the decentralized ecosystem and web3.

According to the CoinPost report, Kishida spoke on his administration’s strategies. He opined that web3 is part of the new form of capitalism.

He also pointed out that the largest Japanese companies would soon announce an ambitious large-scale project to create a valuable economic zone in the metaverse.

Kishida’s statement comes while Circle, the issuer of the second-largest stablecoin, USDC, has been eying to launch a stable cryptocurrency in Japan. The CEO of Circle, Jeremy Allaire, previously said that Japan could be a major stablecoin market.

Moreover, the prime minister expects that the new policies in the country could bring key players in the industry together and eventually develop web3-related business relations with other countries.

On June 27, the Financial Services Authority (FSA) of Japan teamed up with the Monetary Authority of Singapore (MAS) to explore the tokenization of digital assets. The regulators seek to understand the financial risks and feasibility of the project.

“I hope that the web3 industry will regain its attention and vitality, and that various new projects will be born.”

Fumio Kishida, the prime minister of Japan