WebX, Asia’s largest Web3 conference, took place July 25-26 in Tokyo. This conference turned out to be a pivotal event for decentralized technologies. Read on to learn more about what happened at WebX.
Highlights from the WebX conference
First, despite the rallying cry of “NFTs/The Metaverse/Web3” is dead, there was a great turnout! In addition to Web3 enthusiasts and swordsmen, there were also representatives from major companies. Not only this, but also embassies and government officials showed interest in the role of Web3 companies in Asia. An important aspect was that the Prime Minister of Japan emphasized the importance of Web3! He also hinted at an upcoming project, stating: “I have heard that a major Japanese company will take this opportunity to announce to the world a large, 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. Furthermore, Japan is also streamlining Web3 policy making by offering tax relief to cryptocurrency issuers. In addition, Japan will relax regulations around cryptocurrency.
Japan embraces Web3
It is clear to see that WebX is not your average Web3 conference. Rather, it indicates that Japan is willing to embrace Web3. We spoke with Andy Ku, founder of ALTAVA group, to collect his thoughts on the event. This is what he had to say:
“During our recent WebX presence, we had the opportunity to make some key observations that shed light on Yuga Labs’ influence in WebX/Japan and the Japanese government’s progressive approach to the Web3 industry. The presence of Yuga Labs in the Japanese market was striking, with the CEO actively participating in the event. In addition, Yuga Labs’ plans for the upcoming ApeFest in Hong Kong signal Asia’s growing recognition as a critical market for Western Web3 companies.
The event also provided an excellent opportunity to observe that of Japan futuristic approach to the Web3 industry, mainly through the influential speech of Japanese Prime Minister, Fumio Kishida. Japan’s recent policy of abolishing capital gains tax on unrealized crypto assets demonstrates the country’s commitment to embracing and fostering growth in the Web3 space. This foresight was reinforced by prominent figures expressing their support for Web3. This therefore indicates 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 the government recognizes the potential of the sector as a major growth driver. Japan’s pragmatic and progressive regulatory approach positions it as a global innovation hub. While Japan recognizes the need for some regulation, it is committed to fostering 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 has to offer, Japan’s Web3 industry is about to boom.