<\/p>\n
If newly proposed legislation passes, Japan will start allowing investment funds to hold digital assets.<\/p>\n
According to a new Bloomberg report<\/a>, the administration of Japan\u2019s Prime Minister Fumio Kishida is proposing revised legislation that lifts a restriction that prevents investment funds and venture capital firms from directly holding cryptocurrencies.<\/p>\n Says the proposal, which was approved by Kishida\u2019s cabinet on February 16th,<\/p>\n \u201cMeasures will be taken to add crypto assets to the list of assets that can be acquired and held by investment limited partnerships (LPS).\u201d <\/em><\/p>\n An LPS is generally a fund that invests in unlisted companies and startups.<\/p>\n The proposal is expected to go before the Diet, Japan\u2019s parliament, for debate and a vote.<\/p>\n The legislative move is reportedly part of Kishida\u2019s broader effort to revive Japan\u2019s economy, which includes supporting Web3 businesses. The proposal adds to Japan\u2019s recent decisions to relax some of its strict regulations on crypto such as around token listings and taxation, according to Bloomberg.<\/p>\n CEO of Japan-based virtual reality gaming company Thirdverse, Hiro Kunimitsu, calls<\/a> the proposal \u201cwonderful.\u201d<\/p>\n Says Kunimitsu,<\/p>\n \u201cTo explain this simply, under Japanese rules up until now, VCs (venture capitalists) were not able to invest in crypto assets. Some projects only issue crypto assets without issuing stocks (Astar, Oasy, etc.). Japanese VCs could not invest in such places. Therefore, from the beginning, the project faced a huge hurdle of sourcing from overseas VC. I think that the fact that Japanese VCs can now invest will be a big opportunity for many Web3 startups to be born from Japan!\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n