Live Chat

Crypto News

Cryptocurrency News 1 years ago
ENTRESRUARPTDEFRZHHIIT

Japan Plans to Permit Start-ups to Raise Funds Through Cryptocurrencies, Embracing Digital Assets

Algoine News
Summary:
The Japanese government aims to allow start-ups to raise public funds through the issuance of cryptocurrencies instead of stocks. This move comes as Japan seeks to catch up with the global adoption of digital assets. The Financial Services Agency is also looking to amend tax codes related to cryptocurrencies to support local businesses. Additionally, Prime Minister Fumio Kishida reaffirmed Japan's commitment to the Web3 industry. Binance has announced its services for Japanese cryptocurrency users after acquiring a local exchange platform. Cointelegraph requested more details but has not received a response from the Japanese government.
The Japanese government is reportedly considering a new approach to allow start-ups to raise funds through the issuance of cryptocurrency assets rather than stocks. This would apply specifically to Investment Business Limited Partnerships (LPS), as mentioned by Japanese financial news site Nikkei.com. While Japan has previously been slow in embracing digital assets, recent developments have shown a shift in the nation's stance. For instance, the Financial Services Agency (FSA) announced plans in August to amend tax codes related to cryptocurrencies, aiming to exempt local businesses from year-end taxes on unrealized gains from cryptocurrencies. Japanese Prime Minister Fumio Kishida also emphasized Japan's dedication to supporting the Web3 industry at the WebX conference in Tokyo. Notably, Binance, following its acquisition of local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022, has recently announced providing services to Japanese cryptocurrency users. Cointelegraph has reached out to the Japanese government for further information on this matter but has not yet received a response.

Published At

9/15/2023 1:41:06 PM

Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.

Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal? We appreciate your report.

Report

Fill up form below please

๐Ÿš€ Algoine is in Public Beta! ๐ŸŒ We're working hard to perfect the platform, but please note that unforeseen glitches may arise during the testing stages. Your understanding and patience are appreciated. Explore at your own risk, and thank you for being part of our journey to redefine the Algo-Trading! ๐Ÿ’ก #AlgoineBetaLaunch