The Ministry of Economy, Trade, and Industry (METI) stated on February 16 that the Japanese cabinet has announced the addition of cryptocurrencycurrencies to the list of assets that local investment limited partnerships may own.
This approved version, which includes changes to the Act on Strengthening Industrial Competitiveness, intends to expand strategic investments to provide support to regional startups and medium-sized businesses, according to the ministry’s announcement on Friday.
Japan’s commitment to promoting innovation and encouraging domestic investment is reaffirmed by the additional amendments made to the Industrial Property Information and Training Center Act, the New Energy and Industrial Technology Development Organization Act, and the Industrial Competitiveness Enhancement Act.
Japanese venture capitalists were barred from investing in bitcoin assets prior to the bill’s approval. As a result, Web3 startups in Japan often looked to foreign investors for funding.
The advancement was disclosed by Japanese legislator Masaaki Taira of the House of Representatives:
The Cabinet has taken a decision! There will be steps taken to include cryptocurrencycurrency assets in the list of assets that investment limited partnerships (LPS) are permitted to purchase and hold.
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