The Japanese government is reportedly planning to change regulations to allow start-ups to raise public funds using cryptocurrencies instead of stocks. This new system would apply specifically to Investment Business Limited Partnerships (LPS), according to local media sources.
Japan Catching up on Embracing Digital Assets
Japan has been slower than other countries in embracing digital assets, but recent moves show a change in this trend. The Financial Services Agency (FSA), Japan's primary financial regulatory authority, made a significant move at the end of August to amend the tax code related to cryptocurrencies. This step aims to exempt local businesses from the year-end "unrealized gains" tax on cryptocurrencies.
Prime Minister Affirms Commitment to Web3 Industry
During a keynote address at the WebX conference in Tokyo, Prime Minister Fumio Kishida highlighted the country's dedication to fostering the Web3 industry. He praised its potential to transform the internet and drive social change.
Binance to Offer Services to Japanese Crypto Users
Binance, one of the largest cryptocurrency exchanges, has confirmed that it will provide its services to Japanese users starting in August. This move follows Binance's acquisition of Sakura Exchange Bitcoin in November 2022, which facilitated its reentry into the Japanese market.
Cointelegraph has reached out to the Japanese government for more information but has not received a response at the time of publication.
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