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Japan to permit start-ups to secure financing through cryptocurrency issuance rather than stock: Report
The Japanese government is reportedly set to allow start-ups to gather public funds through the issuance of crypto assets, such as currencies, rather than stocks, according to local media reports.
As per the Japanese financial news outlet Nikkei.com, this revised framework is particularly relevant to a type of fund known as Investment Business Limited Partnerships (LPS). Until now, Japan has been slower than other nations in adopting digital assets. Nevertheless, this trend has begun to shift in recent months.
Japan’s main financial regulatory body, the Financial Services Agency (FSA), took a notable step on August 31 by proposing changes to the tax regulations concerning cryptocurrencies, thereby adopting a more proactive stance in cryptocurrency oversight. This significant action aims to exempt local enterprises from the year-end “unrealized gains” tax on cryptocurrencies.
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Japanese Prime Minister Fumio Kishida reiterated the nation’s dedication to nurturing the Web3 sector during his keynote speech on the first day of the WebX conference in Tokyo, Japan. He emphasized its potential to revolutionize the internet and inspire social transformation.
Binance recently confirmed to Cointelegraph that it would provide its services to Japanese cryptocurrency users starting in August. This development followed the company’s acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022, which facilitated Binance’s return to the Japanese market.
Related: Marketing company wants 90% of Japanese population on Web3: KBW 2023
Cointelegraph has contacted the Japanese government for additional information and has not yet received a response at the time of publication.
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