Japan will allow crypto investments for venture capitalists
Japan has approved a bill on rules for venture capital (VC) investment in cryptocurrency. The Ministry of Economy, Trade, and Industry approved a bill to promote the development of the crypto industry through foreign investment.
The ministry amended four key laws and said, "We are introducing measures such as adding cryptocurrencies to the assets that can be acquired by investment limited partnerships (LPS)."
LPSs are typically funds that invest in unregistered companies and startups. By allowing the creation and development of investment entities that can buy and hold cryptocurrencies, Japan aims to increase domestic investment in Web3 startups, Cointelegraph reported.
The changes open up opportunities for limited liability companies to invest in cryptocurrency startups in Japan. In this regard, crypto analysts predict an increase in the number of new cryptocurrency and blockchain technology startups in the country.
Previously, Web3 projects in Japan relied solely on the support of foreign investors, and Japanese venture capital firms were prohibited from investing in crypto assets.
Now, the Japanese government wants to promote innovation and encourage domestic investment in the crypto industry, so it has drafted and amended the Industrial Property Information and Training Center Act, the New Energy and Industrial Technology Development Organization Act, and the Industrial Competitiveness Enhancement Act.
Masaaki Taira, a member of Japan's House of Representatives, said, "The Cabinet has made the decision. In addition, cryptocurrencies open for purchase by LPSs will be added to the list of assets."
Later this year, the government plans to submit a bill to the Diet to formally approve changes to the rules for venture capital investment in cryptocurrencies. In addition, Japan is continuing to prepare legal regulations for the issuance of digital yen.
Read also: Experts have advised investors to closely follow the movement of XRP
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