Japan's Ministry of Economy, Trade and Industry (METI) has approved a bill to promote the creation of new businesses and industries by increasing domestic investment. It amends several other laws related to startup financing in the country.
“We will add cryptocurrencies to the list of assets that can be acquired and held by investment entities with limited liability,” the text of the document says.
The department's initiative is aimed at increasing strategic investments in Web3 startups. It allows limited liability companies (LPS) to purchase and own digital assets. In addition, they will be able to finance organizations whose activities are related to cryptocurrencies in exchange for a proportional share of profits.
It is expected that the adoption of the bill will contribute to the growth of the number of Web3 projects in the region. It demonstrates Japan's commitment to promoting innovation and stimulating domestic investment, METI said in a statement.
It is known that before the bill was approved, Japanese venture capital companies were prohibited from investing in crypto projects. As a result, managers of Web3 startups had to count on the support of foreign investors.
