Shi Xingguo Talks to Chen Haiteng: “What Are the Secrets of Success to Enter Web3 When Japan Fully Embrace It?

On the evening of October 17th, the 11th episode of the fifth season of ” Observing the Langya List ” was broadcasted, and Mr. Shi Xingguo (member of the Blockchain Special Committee of the China Computer Federation, founder of Hyperchain, winner of the National Science and Technology Progress Award, and former chief engineer of the Internet Laboratory of the Software Institute of the Chinese Academy of Sciences) was the host. He had a conversation with Chen Haiteng (former CEO of Huobi Japan and Baidu Japan). The topic of their discussion was ” what are the secrets of success to enter Web3 when Japan fully embrace it?”

This year, the competition for global centers of encrypted finance and virtual assets has become increasingly fierce. On October 16th, Hong Kong Financial Secretary Paul Chan announced in an article that he would promote Hong Kong’s development into an international virtual asset trading center. Meanwhile, Japan’s new Prime Minister, Fumio Kishida, announced in May that Japan would fully embrace Web3 and rush into the Web3 arena. Previously, few heads of state had officially expressed that Web3 could influence the future economic status, let alone in a country with an economy ranking in the top five globally. Japan is likely to become another pioneer station that Web3 entrepreneurs need to land on after Singapore.

New Web3 regulations, Web3 special zones, tax incentives, and other policy benefits have undoubtedly ushered in a new development cycle for Japan’s crypto industry, which has just begun to show its scale.

The venture capital institutions which are most sensitive to the market change have also taken action. In addition to SoftBank’s successive investments in unicorns such as CertiK and InfStones, Japan’s Internet finance giant SBI has also become one of the most active investors in blockchain companies globally. It has invested in eight companies including Orb, R3, Ripple, Kraken, Coinplug, Veem, Wirex, and Bitflyer. This year, KDDI and Bandai Namco have also launched Web3 funds, actively invest Web3 companies.

The favorable conditions of policy and capital are bound to attract a large number of Web3 enterprises rushing into Japan. So, how will Japan’s Web3 industry develop? How can we enter a foreign market?

“Today, Japan is attracting global Web3 practitioners with its favorable development environment and infrastructure, while China happens to have outstanding innovation and development capabilities. Moreover, China may be a few years behind Japan in terms of policies and IP, and Japan’s overall development capabilities have also been delayed for a few years due to the absence of the mobile internet era. The two complement each other in time and space. I think this is an opportunity for Chinese teams to enter Japan,” Chen Haiteng described the opportunity for Chinese Web3 entrepreneurs in Japan.

After years of deep experiences in the Japanese market, Chen Haiteng used the metaphor of “fruits” to describe the attitudes of China and Japan towards foreign companies: “I think China is like a peach, with a seemingly soft skin, but foreign companies find it difficult to go into the core or reach the upper classes. Japan is like a coconut on Hainan Island, with a hard shell which takes time for foreign companies to get in, but once they do, things become much easier, and if any cooperation can be reached, it will be a long-term one.”

Highlights of today’s talk:

  1. What changes has it brought to Web3 development when Web3 has been designated as a national strategy in Japan?
  2. What are the opportunities in Japan’s Web3 market? Any successful experiences or secrets can be shared for entering the Japanese market?
  3. What opportunities in the Japanese market should developers pay attention to?
  4. How can we deal with Japan’s regulatory system?
  5. Can blockchain + public welfare break the prejudice against the encrypted world?
  6. Will Japan’s well-developed gaming industry create a new GameFi mode?
  7. What is the development of Japan in the metaverse field?

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