Japanese Government to Allow Start-Ups to Raise Funds Through Crypto Assets, Reports Say
According to local media, the Japanese government is planning to enable start-ups to raise public funds through the issuance of crypto assets instead of stocks. This updated system is specifically applicable to a type of funds called Investment Business Limited Partnerships (LPS). Japan has been lagging behind in embracing digital assets, but there have been recent developments in this regard.
The Financial Services Agency (FSA), Japan’s primary financial regulatory authority, has taken a significant step towards cryptocurrency regulation. On August 31, the FSA sought to amend the tax code related to cryptocurrencies in order to exempt local businesses from the year-end “unrealized gains” tax on cryptocurrencies. This move showcases a more active role by the FSA in shaping cryptocurrency regulations.
During the WebX conference in Tokyo, Japanese Prime Minister Fumio Kishida expressed the country’s commitment to fostering the Web3 industry and its potential to transform the internet and bring about social change.
In line with this growing interest in cryptocurrencies in Japan, Binance confirmed that it would offer its services to Japanese cryptocurrency users starting from August. This followed Binance’s acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022, which paved the way for Binance’s reentry into the country.
Cointelegraph has reached out to the Japanese government for more details on this initiative.
– Nikkei.com: https://cointelegraph.com/news/japan-allows-start-ups-raise-funds-crypto-report
– Cointelegraph: https://cointelegraph.com/news/japan-allows-start-ups-raise-funds-crypto-report
– Cointelegraph Magazine: https://cointelegraph.com/news/japan-allows-start-ups-raise-funds-crypto-report
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