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Japan’s Prime Minister Fumio Kishida said that the country’s annual broad policy outline includes measures that take user protection into account while also improving the environment for utilizing Web3 tokens and revitalizing the content industry.

Kishida made these remarks in a recorded video broadcast at the WebX conference in Tokyo which opened Tuesday, continuing the Liberal Democratic Party’s embrace of Web3.

The country’s leader reiterated that “Web3 is part of the new form of capitalism,” referring to his flagship economic policy intended to drive growth and wealth distribution by focusing on innovation, startups and digital transformation.

“A major Japanese company will announce an ambitious large-scale project that will create a valuable economic zone in the metaverse,” Kishida said.

The ruling Liberal Democratic Party’s policy research council chairman Koichi Hagiuda took to the stage just before Kishida’s speech to lay out the party’s stance towards Web3, saying that even those unfamiliar with the industry should take an “inclusive stance.”

Since last year, a handful of politicians in Japan have been working on policy and guidelines for NFTs, stablecoins and DAOs, and done away with an onerous tax requirement which drove project founders away from the country.

Edited by Sam Reynolds.