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The Japanese government has approved a bill that would allow investment limited partnerships to acquire and hold virtual currencies, marking the country’s regulatory framework transition to digital currencies.
The Cabinet passed the bill on February 16th. This is part of a broader legislative proposal to strengthen Japan’s industrial competitiveness.
This includes measures such as tax incentives and financial support targeting strategic sectors such as electric vehicles, green technology and semiconductors. This proposal is scheduled to be debated by the National Diet, Japan’s legislative body, during its 213th regular session.
Cryptocurrency in investment strategy
The bill is primarily aimed at stimulating business creation and strategic investments across various sectors, including technology and green energy.
Under the new law, investment limited partnerships that support private equity, venture capital and real estate investments will include cryptocurrencies in their portfolios.
The inclusion of digital assets is particularly noteworthy given Japan’s historically cautious regulatory approach to the industry. By integrating cryptocurrencies into its legal investment framework, Japan aims to adapt its economic strategy to the digital age and position itself as an active participant in the global digital asset market.
The bill also introduces several initiatives to foster innovation and strategic investment.
Accelerating innovation
These initiatives include support for domestic production in strategic fields, the Innovation Box tax system to promote the use of intellectual property, and the extension of the Industrial Innovation Investment Corporation (JIC) business until March 2050.
Additionally, the law introduces measures to support startups, such as flexible stock option pools and stronger collaboration between companies and universities through standardization and the use of intellectual property.
The parliamentary session ends on June 23, 2024, and there is a period during which proposed legislation can be considered and potentially enacted.
This legislation is part of Japan’s broader strategy to foster economic growth through innovation, strategic investment and the integration of digital technologies into the industrial and financial sectors.
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