The Japanese government plans to allow startups to raise public funds by issuing crypto-assets such as currencies instead of stocks, local media reported.
According to Japanese financial news website Nikkei.com, the updated system is specifically designed for Applicable A class of funds called Investment Business Limited Partnerships (LPS). So far, Japan has lagged behind the rest of the world in embracing digital assets. However, that has changed in recent months.
Japan’s main financial regulator, the Financial Services Agency (FSA), took a major step on August 31 to seek to amend cryptocurrency-related tax laws to play a more active role in cryptocurrency regulation. The noteworthy move aims to exempt local businesses from “unrealized gains” taxes on cryptocurrencies at the end of the year.
Japanese Prime Minister Fumio Kishida reiterated the country’s commitment to nurturing the Web3 industry during his keynote speech on the first day of the WebX conference in Tokyo, Japan. He highlighted its potential to transform the Internet and spark social change.
Binance recently confirmed to Cointelegraph that it will offer services to Japanese cryptocurrency users starting in August. Previously, the company acquired local trading platform Sakura Exchange Bitcoin (SEBC) in November 2022. This acquisition of this Japanese-registered cryptocurrency trading service provider paves the way for Binance to return to Japan.
related: Marketing company wants 90% of Japan’s population to use Web3: KBW 2023
Cointelegraph has reached out to the Japanese government for more details but has not received feedback as of press time.
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