Web3 Is an Aspect of the New Form of Capitalism, According to PM’s Fumio Kishida

According to Fumio Kishida, the prime minister of Japan, web3 has the ability to revolutionize the current internet infrastructure and promote societal transformation.

In his remarks at the WebX web3 conference in Tokyo, Kishida stated that as part of his administration's "new capitalism" economic policy aiming to address social challenges by fostering growth and innovation, the government was dedicated to fostering a climate favorable for the promotion of web3.

Web3 is an aspect of the new form of capitalism, according to Kishida. He was hoping that large Japanese corporations would use the conference as a forum to reveal significant initiatives aimed at establishing profitable economic zones within the metaverse.

In his opening remarks, Koichi Hagiuda, head of the policy research council of the ruling Liberal Democratic Party, claimed that Japan had an advantage in developing technologies like web3 because it had actively regulated the digital currency industry. Given the worldwide nature of web3, Hagiuda also emphasized the value of international cooperation and made suggestions about potential partnerships with parties in the U.S., France, and Singapore, among others.

Japan began focusing on web3 when the LDP's headquarters for promoting the digital society launched its "web3 project team" in January 2022. The unit advised that Kishida's "new capitalism" agenda include the promotion of web3, which it views as the future frontier of the digital economy.