The Ministry of Economy, Trade and Industry of Japan issued a positive opinion on the draft law legalizing the access of investment capital to the cryptocurrency market.
The amendment to the Law on Strengthening Industrial Competitiveness, agreed by officials, directly allows Japanese investment venture companies to invest in the development of crypto projects and blockchain.
The explanatory note states that the updated law will make Japan’s national crypto startups financially dependent on foreign capital. Government officials are keen to emphasize that their approval of the bill is consistent with a strategy to support the financial and technological competitiveness of Japanese companies.
Earlier, the Japanese Cabinet of Ministers decided to include in the plan for the 2024 fiscal year measures to revise the national tax system for digital assets. We can talk about exempting crypto companies, as well as institutional and private investors, from paying taxes on unrealized profits from crypto assets.
