The government of Japan is gradually moving towards the legalization of digital currencies. These tokens were included in the category of electronic money starting in 2023.
As announced by the Ministry of Economy, Trade and Industry last week, the country’s cabinet has approved a bill that will allow investment funds and venture capital firms to purchase digital currencies.
In addition, the Japanese government is also working on creating a regulatory framework for startups involved in Web3 projects.
This move, reported by Nikkei agency in September 2023, will soften the ban on cryptocurrency investments for venture capital companies and provide them with the opportunity to finance blockchain startups.
The bill has been submitted to Parliament for consideration and, if approved, will lead to amendments in the laws governing industrial competition in Japan.
