Media learn of Fukuoka’s plans to become the largest Web3 hub in Japan

The authorities plan to turn the region into an analog of Silicon Valley in the United States

25.10.2022 - 09:00

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What’s new? Fukuoka, Japan’s second-largest port city, and Astar Japan Labs, a blockchain company, are working to turn the region into the country’s largest hub for the development of Web3 technologies, similar to Silicon Valley in the United States. More than 45 companies are known to join the project, including Microsoft Japan and Amazon Japan, Cointelegraph reports.

News on the Cointelegraph website

What else is known about the new project? Fukuoka has been officially designated as a National Special Strategic Zone in Japan. The authorities now also plan to make the city the country’s hub for technologies related to Web3 and cryptocurrencies. The partnership with Astar Japan Labs will allow them to work jointly on new use cases for Web3.

Astar Network founder Sota Watanabe compared the city’s attitude toward cryptocurrencies with leading US cities such as Miami and New York, which have positive attitudes toward this type of asset. The company plans to work closely with the Fukuoka City government to attract more developers and entrepreneurs.

Earlier, Japan Virtual and Crypto Asset Exchanges Association (JVCEA) relaxed listing rules for digital assets. Also in September, Japan’s Financial Services Agency (FSA) proposed easing corporate tax rules for cryptocurrency assets. In addition, Japan became one of the first countries to use NFTs as a supplementary reward for local officials.

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