WebX 2025: Japan’s Next Step Toward On-Chain Finance
A focused finance session in Osaka followed by two main conference days in Tokyo—this was my firsthand experience at WebX 2025. I have combined on-site observations, in-depth conversations, trend insights, and policy interpretations to offer those who could not attend a more vivid and complete sense of being there—to help you see what is really happening in Japan and how it is building the future of on-chain finance. Of course, this is just my own 3-day perspective, focused on what I found interesting, and surely not exhaustive. Take what resonates.
01｜Venues and Flow: Tokyo Was “Too Crowded,” Osaka Was “Just Right”
The WebX Fintech EXPO in Osaka (led by SBI) was an invite-only event with around 1,000 attendees, held on August 22. The agenda was focused, and the density of information was high. You could easily have meaningful 10–15 minute conversations with your target audience during breaks—something almost impossible at the main Tokyo conference.
The Tokyo main event took place at The Prince Park Tower near Shiba Park on August 25–26. With five stages running in parallel, the knowledge sessions were packed, the exhibitor booths were abundant, and side events started as early as breakfast. But sessions you wanted to attend often overlapped.
Conclusion from experience:
For breadth, go to Tokyo.
For depth, go to Osaka.
02｜Prime Minister Appeared, Finance Minister Spoke — Japan’s Signal Is Crystal Clear
Prime Minister Shigeru Ishiba gave opening remarks at the event, delivering a strong sense of political endorsement.
Finance Minister Katsunobu Katō explicitly stated on stage that “crypto assets can be part of a diversified investment portfolio,” but emphasized the need for appropriate regulatory and tax frameworks. This comment sparked active discussions across the venue.
If last year’s theme could be described as “open discussion,” this year marked an upgrade to “policy dialogue + institutional design.”
03｜Eight Trends I Observed on Site
1) Global Players Are Betting on Japan
There was a strong presence of international founders and institutions—high visibility and high energy. CZ’s fireside chat and Arthur Hayes’ market commentary were both scheduled in prime time, drawing massive attention. Judging from the sponsor booths at the Tokyo venue, about 70% were from overseas projects. Even Base has now established a hub in Tokyo.
2) Compliance Becomes the Dominant Theme
From stablecoins (SC) to security tokens (ST) and RWA, nearly every stage discussion focused on how to bring compliant finance on-chain. Regulatory and tax-related topics remained front and center before, during, and after the conference.
In 2025, Japan will officially allow “compliant stablecoins” (trust-based, bank-issued, and electronic payment service provider-issued types), laying the foundation for DeFi and RWA use cases in payment and settlement.
Security tokens will be fully regulated under the Financial Instruments and Exchange Act, with clear legal structures and access to favorable securities tax rates.
The notoriously high 55% miscellaneous income tax on crypto held by individuals is expected to be integrated into a unified financial income tax system in 2025, lowering the rate to around 20%. For corporations, the rate could be as low as 15%. These changes indicate a significantly more favorable policy environment.
3) The Numbers Back Japan’s Move Toward Institutionalization
Japan now has over 12 million active crypto accounts, and user assets held on platforms exceed ¥5 trillion (around $34 billion USD).
This is no longer a niche market — it is a scale that demands serious financial infrastructure.
4) Japan’s “National Team” for On-Chain Finance
SBI Holdings and Startale officially announced a joint venture to build a 24/7 on-chain trading platform focused on tokenized stocks and RWAs, enabling near-instant settlement and fractional ownership — essentially transplanting traditional capital market operations onto the blockchain.
There was also a clear signal of globalization: Singapore is emerging as a second growth hub. In his keynote at the WebX Fintech EXPO (Osaka), Yoshitaka Kitao openly said, “Everything in Japan is slow,” and outlined a global strategy to establish a “second SBI” in Singapore.
Toyota × Avalanche’s MON (Mobility Orchestration Network) drew extensive media coverage. It aims to combine vehicle identity, cross-border compliance, ESG data, and stablecoin settlement — assembling all the key building blocks of on-chain mobility infrastructure.
5) Japan’s Stablecoin Path Is Becoming Clearer
JPYC has obtained key licenses, and both official and media sources are tracking its progress. The model — aimed at institutional users, fully backed by reserves, and pegged to JGBs or yen deposits — is gradually taking shape, with issuance expected within the year.
SBI VC Trade and Sumitomo Mitsui Banking Corporation (SMBC) have reached a basic agreement to “promote sound circulation and use of stablecoins.” Their core use case will revolve around a yen-denominated, bank-issued stablecoin: SMBC will serve as the issuer, while SBI VC Trade will distribute it as an “electronic payment service provider.” Together, they aim to explore a 24/7 settlement network, real-time B2B clearing and cost reduction, as well as user-friendly consumer payment and savings services.
6) KOLs Brought in the Non-Crypto Crowd
This year’s major panels clearly emphasized broader appeal. Not only did they feature experts from within the industry, but they also brought in influential public figures — such as Tesuta, a well-known retail investor with nearly 1 million followers on X (formerly Twitter), and Hiroki Takahashi, producer of the popular YouTube business program “Rehack” (1.6 million+ subscribers), formerly a director at TV Tokyo. Tesuta started with ¥3 million and reportedly grew it into ¥10 billion, while Takahashi excels at breaking down economic and social issues in accessible ways.
Approaching from a “crypto outsider” perspective, they posed seemingly basic but deeply pointed questions to experts like macro economist and crypto analyst Joe Takayama, and BitFlyer CEO Yuzo Kano. This “outsider × expert” dynamic encouraged wider participation from people unfamiliar with Web3, helping the event reach a critical mass in public-facing Bitcoin education — with a notable increase in non-crypto attendees across the venue.
7) The Local Bitcoin Community Is Reawakening
Since the launch of Tokyo Bitcoin Base in April, there has been a growing number of BTC-focused events around narrative and ecosystem development. During WebX, the related Bitcoin side events were of notably high quality. Still, Japan’s domestic BTC ecosystem will require more time for foundational education and expansion.
At last year’s WebX, Metaplanet CEO Simon Gerovich declared in a conversation with Joe that the company would follow the path of MicroStrategy — adopting a “Bitcoin Treasury Strategy” by adding BTC to its corporate balance sheet. This move earned Metaplanet the title of “Asia’s MicroStrategy” and marked Japan’s first public company to officially adopt Bitcoin as a financial reserve. Over the past year, Metaplanet’s stock price soared more than 4,000%, making it a breakout star in Asia’s crypto scene. Interestingly, Metaplanet did not appear on this year’s official WebX agenda, but instead became a co-host of Bitcoin Asia in Hong Kong on August 28–29. (organized by Bitcoin Magazine).
Another Japanese company embracing a Bitcoin Treasury Strategy at WebX this year was Remixpoint, Inc. I had the chance to briefly speak with its CEO and Representative Director, Mr. Taku Tashiro, on site. Not only did he speak at the main stage, but he also participated actively in side events and openly discussed Remixpoint’s latest Bitcoin initiatives with attendees. Unlike companies that simply hold Bitcoin for balance sheet exposure, Remixpoint takes a more participatory approach — combining BTC holdings with actual mining involvement. This dual approach of “holding and participating” may represent the next evolution of corporate Bitcoin strategies in Japan.
8) “Structure” and “Institutionalization” Were the Core Themes of WebX 2025
On the policy side: the Prime Minister attended, and the Finance Minister publicly stated that crypto assets can be part of a portfolio. Japan’s Financial Services Agency (FSA) also made several policy hints — on bringing crypto under the Financial Instruments and Exchange Act, discussions around ETFs, and flattening the tax system. While the timeline still depends on legislative processes, the direction is no longer vague.
On the market side: SBI, Startale, Avalanche, Toyota, and others all presented infrastructure-level projects that align with these policy directions. The goal is clear — let traditional finance and industry function natively on-chain. This is not buzzword-chasing; it is leveraging regulatory timing windows.
This year’s WebX felt like the eve of industrialization: policymakers were physically present, financial groups were building infrastructure, industrial giants were testing use cases, and community side events filled in the education gaps. If last year’s keyword was “narrative,” this year’s is “structure” — clear frameworks, visible risks, and methodical execution. That is also the Japanese way of doing things.
04｜Tokyo vs Osaka: A User Manual
Tokyo Main Conference: Ideal for brand exposure, networking, and trend-spotting. Downsides include “choice anxiety” and massive crowds.
Osaka Fintech EXPO: High time-efficiency and deeper conversations. With a single venue and focused agenda, you could follow the full track — many of my most valuable information exchanges happened here.
05｜Some Real-Time Notes I Took On-Site
On ETFs and Index Products: There were plenty of media forecasts and soft signals, but to be cautious — do not confuse “discussion” with “availability.” Once Japan starts a regulatory review, it tends to be stable… but slow.
On Enterprise Blockchain Adoption: In projects like MON, the real challenge is not technical — it lies in identity governance, legal jurisdiction, bookkeeping, and compliance. If a company like Toyota can establish a working standard path, that would open the true gateway to institutional on-chain finance.
On Stablecoins: Japan’s stablecoins resemble “regulatory-friendly financial products” more than crypto-native money. Their usage will likely begin with institutional clearing and settlement, and only later extend into consumer payment use cases.
06｜Real Conversations Are Far More Valuable Than Surface-Level Networking
One of my strongest takeaways from the event: having deep, informed conversations with people who truly understand the space is far more valuable than visiting 20 booths or joining 30 Telegram groups.
For instance, I had a long and meaningful conversation with Norbert Gehrke, founder of Japan FinTech Observer and moderator of several panels. What I admired most was that he did not just read from a list of pre-written questions — instead, he responded dynamically to what the speakers actually said, digging deeper in real time. His sessions were genuinely insightful, and you could feel that “every minute mattered.”
He told me himself: “A single deep conversation is worth more than a dozen shallow ones.” I wholeheartedly agree — and I hope to carry that spirit of depth into future industry engagements.
07｜A Legendary Presence — and a Bittersweet Moment
On the afternoon of WebX Day 2, I encountered a true legend in the Bitcoin ecosystem — Adam Back. As the inventor of Hashcash（Adam Back invented Hashcash in 1997, a Proof-of-Work (PoW) system designed to combat email spam and denial-of-service (DoS) attacks by requiring senders to perform computational work. This concept was later adopted by Satoshi Nakamoto and became the fundamental mining algorithm for Bitcoin, securing the network by requiring miners to expend computational power to validate transactions and create new blocks.）, CEO of Blockstream, and the only person cited in Satoshi Nakamoto’s white paper, Adam is quite literally part of Bitcoin’s origin story.
Yet what struck me most was how few people at the Tokyo venue seemed to recognize or engage with him. Perhaps this reflects a disconnect in Japan between Bitcoin’s market value, its philosophical roots, and its underlying technology.
For me, however, meeting him in person and thanking him for his foundational contributions was an emotional moment. Web3 is not only about narratives and fundraising — it is also shaped by those quiet infrastructure evangelists who have spent decades building the foundation.
08｜When Media Becomes Part of Capital
One long-term signal worth watching from this year’s WebX: the event’s organizer, CoinPost, has officially been acquired by SBI and is now a wholly owned subsidiary. CoinPost is one of Japan’s most influential crypto media outlets, with significant power over narrative framing and agenda-setting in the industry.
The key question going forward: Can CoinPost maintain a degree of ecosystem neutrality, or will it gradually become a public relations platform for the SBI Group? This shift has implications not only for media credibility, but also for the broader Web3 ecosystem in Japan — namely, who controls the narrative, who owns the audience, and who leads the industrialization path.
09｜In Summary: Three Days of Immersion, Many Takeaways — and Many Unanswered Questions
This write-up captures the parts that personally resonated with me — not a complete account, but I hope it gives you a more vivid “mental picture” of what is happening in Japan’s Web3 landscape.
Some things are best seen through trends. Some through structure. And some — you just have to be there to understand.
See you next year.
Norbert Gehrke
