Japan allows venture capital funds to invest in cryptocurrencies and Web 3.0 startups

Until now, according to local law, venture capitalists could not invest in crypto assets

19.02.2024 - 13:59

3 min

What’s new? Japan’s Cabinet has approved a proposal to add cryptocurrencies to the list of assets that local investment limited partnerships can buy or hold. The bill, which contains amendments to the Act on Strengthening Industrial Competitiveness, would expand strategic investments to support local Web 3.0 startups and mid-sized companies. This is according to a statement from Japan’s Ministry of Economy, Trade and Industry (METI).

Information on METI’s website

What else is known? Founder and CEO of game development company Gumi Inc. Hiro Kunimitsu noted that previously, under Japanese law, venture capital funds could not invest in crypto assets. He explained that local crypto projects had to raise capital from foreign funds, which was a huge barrier to funding.

According to Kunimitsu, the fact that Japanese venture capital funds can now invest in crypto assets will be a big opportunity for many of the country’s Web 3.0 startups.

Source: Twitter.com

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