On February 16, the Ministry of Economy, Trade and Industry announced that the Cabinet had approved a proposal to add virtual currency to the list of assets that local investment limited partnerships can acquire or hold.
The ministry said on Friday: announcement The approved revised version includes: Industrial Competitiveness Enhancement Act, expand strategic investments to support local start-ups and mid-sized businesses. Such amendments will allow venture capital firms to invest in projects that issue only cryptocurrencies, local news outlet Coinpost reported. report Saturday.
The ministry said in a statement that after cabinet approval, the bill will be submitted to the legislature for consideration.
limited liability partnership According to local news outlets, in Japan, the purpose is often to invest in unlisted companies, making it a common way for VCs to invest in startups. coin post.
“Under Japanese rules until now, VCs were not able to invest in crypto assets,” Hiro Kunimitsu, founder and CEO of Gumi, said in the article. ×post. GUMI is a Japanese game development company that has launched its own blockchain investment fund, Gumi Cryptos Capital.
Kunimitsu explained in the X-Post that Japanese crypto projects have to raise capital from overseas venture capital, which is a major obstacle to raising funds. “I think the fact that Japanese VCs can now invest will be a big opportunity for many Web3 startups in Japan,” Kunimitsu said.
under the prime minister Fumio Kishida's Based on the “new capitalism” policy, Japan is promoting the development of the Web3 industry. Approved by Japan's Cabinet in December Tax reform This could potentially exempt companies from paying taxes on unrealized gains in cryptocurrencies.
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