According to Cointelegraph, the Japanese government is planning to allow start-ups to raise public funds through the issuance of crypto assets, such as currencies, instead of stocks. This updated system is specifically applicable to a category of funds known as Investment Business Limited Partnerships (LPS). Japan has been slow to embrace digital assets, but this has been changing in recent months.
The Financial Services Agency (FSA), Japan's primary financial regulatory authority, made a significant move on August 31, seeking to amend the tax code related to cryptocurrencies. This move aims to exempt 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 during a keynote address at the WebX conference in Tokyo, highlighting its potential to transform the internet and kindle social change.
Binance confirmed to Cointelegraph that it would offer its services to Japanese cryptocurrency users from August onwards, following the acquisition of the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022. This acquisition paved the way for Binance's reentry into the country. Cointelegraph has reached out to the Japanese government for more details and is yet to receive feedback at the time of publication.
