WebX Conference Signals Japan’s Growing Involvement in Web3

WebX, Asia’s largest Web3 conference, took place on July 25th and 26th in Tokyo. This conference proved to be a pivotal event for decentralized technologies. Read on to find out more about what happened at WebX.

Key Takeaways of the WebX Conference

Firstly, despite the rallying cry of ‘NFTs/the metaverse/Web3’ is dead, there was a great turnout! In addition to Web3 enthusiasts and degens, there were also representatives from major corporations. Not only this, but embassy and government officials also showed interest in the role of Web3 companies in Asia. One key aspect was that the Prime Minister of Japan emphasised the importance of Web3! He also hinted at an upcoming project, stating: “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.”

The Japanese government is actively exploring partnerships and investments in Web3 companies. Further, Japan is also streamlining Web3 policy making by providing tax relief for cryptocurrency issuers. Additionally, Japan will be easing regulations around cryptocurrency.

Japan Embraces Web3

It is clear to see that WebX is not your average Web3 conference. Rather, it signals Japan’s readiness to embrace Web3. We spoke with Andy Ku, founder of ALTAVA Group, to gather his thoughts on the event. This is what he had to say:

“During our recent WebX attendance, we had the opportunity to make some significant observations that shed light on Yuga Labs’ influence in WebX/Japan and Japan’s government’s forward-thinking approach to the Web3 industry. Yuga Labs’ presence in the Japanese market was striking, with the CEO actively participating in the event. Additionally, Yuga Labs’ plans for the upcoming ApeFest in Hong Kong signals the growing recognition of Asia as a critical market for Western Web3 companies. 

The event also provided an excellent opportunity to observe Japan’s futuristic approach to the Web3 industry, primarily through the influential speech delivered by Japan’s Prime Minister, Fumio Kishida. Japan’s recent policy to eliminate capital gains tax on unrealized crypto assets demonstrates the country’s dedication to embracing and fostering growth in the Web3 space. This foresight was bolstered by prominent figures who expressed their support for Web3. Therefore, indicating a concerted effort to secure Japan’s place in the rapidly evolving global Web3 ecosystem.

Japan has the potential to become a force in the Web3 industry. This is because its government recognizes the sector’s potential as a significant growth engine. Japan’s pragmatic and progressive regulatory approach positions it to be a global innovation hub. While acknowledging the need for some regulation, Japan aims to foster a supportive and informed environment for the Web3 industry.”

So, did the WebX conference signal the future of Japan and Web3? With the Japanese government ready to embrace all that Web3 offers, Japan’s Web3 industry is set to take off, in a big way.