- Fumio Kishida has hinted a major metaverse project by a Japanese firm is in the works.
- The Japanese Prime Minister also reaffirmed the country’s commitment to fostering the growth of the web3 industry.
- Binance CEO Chengpeng Zhao on the same day announced his company is launching its services on a new Japanese platform in August.
Japan has been one of the leading early adopters of web3 and the metaverse. And according to Prime Minister Fumio Kishida, there are no plans to pull the plug on its many initiatives.
Speaking on Tuesday via a web conference, Kishida reaffirmed the country’s commitment to fostering the growth of web3. Kishida also hinted that a major metaverse project was in the works and will soon be unveiled by a local company.
“I have heard that a large Japanese company will take this opportunity to announce to the world a big, ambitious project that aims to create a valuable economic system in the metaverse,” Kishida said in opening remarks via video web conference in Tokyo.
The metaverse is described as a 3D virtual space where people can meet virtually and interact through gaming, trade and events. The industry has been on a slowdown since peaking in the second half of 2022.
However, although funding has slowed substantially, state-backed projects continue to cop up, especially in Asia.
Japan is also home to Square Enix, the traditional gaming and entertainment giant, which last year, pivoted into blockchain games and the metaverse.
Although Japan’s stance on crypto, in general, remains relatively strict compared to countries in the middle east, the country has recently moved toward easing some crypto rules, including policies on token listing and taxation.
Kishida’s keynote statement focused on how web3 could be adopted to drive innovation across multiple industries. The event is meant to attract web3 players from around the world to collaborate on major projects in the country.
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born,” he said.
The web conference also coincided with Binance’s announcement of its entry into the Japanese market, with CEO Chengpeng Zhao stating that plans were underway for the crypto exchange company to launch its services on a new Japanese platform.
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