Prime Minister of Japan Fumio Kishida also made comments about Web3 at a conference he attended in Tokyo, the capital of the country. Stating that Web3 can change the current traditional internet environment and working style, the prime minister said, "This situation also brings social change."

“The new kind of capitalism…”
Stating that their governments will continue to support the promotion and progress of Web3 within the framework of the “new capitalism” policy, Kishida said, “This way, economic growth is achieved, innovation develops and social problems are solved. "Web3 is a new variant of capitalism," he said.
“I hope it contributes to the metaverse”
The Japanese leader also touched on the topic of the metaverse and said, "I hope this conference creates an environment that will enable large Japanese companies to create valuable economic zones within the metaverse."
Koichi Hagiuda, head of policy research of Kishida's party, the Liberal Democrat Party, stated that Japan has completed the regulatory process on Web3 and cryptocurrencies, and said, “We have now started to progress in emerging technologies such as Web3. We have almost completely regulated the cryptocurrency markets,” he said.
The ruling party in Japan also established a working group called the Web3 project team in January 2022.
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