May 24, 2024
Japanese Government to Allow Startups to Raise Public Funds Through Crypto Assets
Policy & Regulation

Japanese Government to Allow Startups to Raise Public Funds Through Crypto Assets

Local media has stated that the Japanese government intends to allow startups to raise public money by issuing crypto assets, like currencies, rather than stocks.

This improved system is primarily applicable to a kind of fund dubbed Investment Business Limited Partnerships (LPS), according to the Japanese financial news website Nikkei.com. Japan has so far been slower than the rest of the world to embrace digital assets. However, recent months have seen a change.

On August 31, the Financial Services Agency (FSA), Japan’s main financial regulatory body, took a big step toward more actively regulating cryptocurrencies by attempting to change the tax code about cryptocurrencies. The remarkable action aims to exclude nearby companies from the year-end cryptocurrency “unrealized gains” tax.

In a keynote speech on the first day of the WebX conference in Tokyo, Japan, Prime Minister Fumio Kishida of Japan reaffirmed his nation’s commitment to supporting the Web3 economy. He emphasized how it may revolutionize the internet and spark societal change.

Recently, Binance commented that starting in August, it would provide its services for Japanese cryptocurrency consumers. In November 2022, the business bought Sakura Exchange Bitcoin (SEBC), a regional exchange platform. This acquisition of the Japanese-registered crypto exchange service provider opened the door for Binance’s entry back into the nation.

Image: Freepik

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