Japan’s cabinet approves new proposal to allow VC firms to directly invest in cryptocurrencies and Web3

2024-02-19 16:28:48BlockBeatsShare to:

VC+0.87% ($0.05439)

BlockBeats news, February 19, according to Coinpost, Japan’s Ministry of Economy, Trade and Industry announced on February 16 that the Japanese cabinet has approved a proposal to add cryptocurrencies to the list of assets that local investment limited partnerships can acquire or hold. If the revision of this law is implemented, Japanese venture capital (VC) will be able to invest in projects that only issue virtual currencies, and the threshold for Japanese Web3 companies to raise funds and conduct business will be lowered. Previously, Japanese venture capital firms were unable to directly invest in crypto assets. The Japanese government will submit a draft amendment to the LPS Law to the National Assembly as early as 2024.

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