According to local media, Nikkei.com, this updated system is specifically applicable to a category of
funds known as Investment Business Limited Partnerships (LPS).
The Japanese government reportedly plans to permit start-ups to raise public funds through the
issuance of crypto, assets, such as currencies, instead of stocks, local media has reported.
According to Japanese financial news site Nikkei.com, this updated system is specifically applicable to a
category of funds known as Investment Business Limited Partnerships (LPS). So far, Japan has lagged
behind the rest of the world on embracing digital assets. However, this has been changing in recent months.
Japan’s primary financial regulatory authority, the Financial Services Agency (FSA), made a significant
move on August 31, seeking to amend the tax code related to cryptocurrencies, thereby taking a more
active role in cryptocurrency regulation. The noteworthy move is aimed at exempting local businesses
from the year-end “unrealized gains” tax on cryptocurrencies.
Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3
industry, in a keynote address on day one of the WebX conference in Tokyo, Japan. He highlighted its
potential to transform the internet and kindle social change.
Binance recently confirmed to Cointelegraph that it would offer its services to Japanese cryptocurrency
users from August onwards. This happened after the company acquired the local exchange platform
Sakura Exchange Bitcoin (SEBC) in November 2022, which acquisition of the Japanese-registered
crypto exchange service provider paved the way for Binance’s reentry into the country.