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Prime Minister Fumio Kishida's government agreed to present an updated bill to make the change, bringing Japan closer to letting venture capital firms and other investment funds directly own digital assets.
On February 16, his government agreed to the text of a bill that would change the country's Industrial Competitiveness Enhancement Act.
People can see this on the Ministry of Economy, Trade, and Industry website.
The bill says that actions will be taken to include cryptos in the list of assets that investment limited partnerships may acquire and hold. This refers to a way venture capital firms can get money from investors.
Kishida has devised a strategy to rejuvenate the Japanese economy that fosters the expansion of web3 enterprises—a futuristic, decentralised iteration of the internet supported by blockchain technology.
In contrast to other regions, Japan's digital asset sector is governed by stringent regulations. However, the country has made progress in relaxing certain crypto regulations, including token listings and taxation.
Presently, the measure is scheduled to be presented for deliberation in the ongoing session of the Japanese parliament (Diet).
If the amendment were to receive approval, it would increase the exposure of Japan's investment sector to digital assets. Frequently, investments in web3 startups encompass provisions that distribute tokens to investors.
In this context, cryptocurrencies serve as a means to prematurely abandon bets, in contrast to conventional avenues like stock market listings.
