A proposal to allow venture firms to own cryptoassets, first put forward last year, moves closer to law. by Macauley Peterson /. February 19, 2024 09:18 am. Shutterstock / Sean Pavone, modified by Blockworks. The Japanese government is advancing an economic reform bill with notable implications for the crypto industry.. A measure included in the proposal would allow investment limited partnerships to acquire and hold cryptoassets. These entities are commonly used for private equity, real estate investments and venture capital investments.. This legislative proposal, published Friday by Japan’s Ministry of Economy, Trade and Industry, now heads to the Diet, Japan’s national legislature.. Broadly, the bill is designed to foster new business creation and strategic domestic investment through tax incentives, and other financial support aimed at specific strategic objectives.. The provision to allow investment firms to directly hold cryptoassets, proposed in September 2023, is seen as a softening of Japan’s relatively stricture regulatory stance when it comes to crypto.. Read more: Japan to let startups raise VC funding via digital assets: Nikkei. The inclusion of crypto assets in the legal framework not only legitimizes their use in institutional investment strategies but also positions Japan as a forward-thinking player in the global digital assets space, said Sota Watanabe, the founder of Astar Network a layer-1 blockchain popular in Japan.. “This is a crucial step for enriching and nurturing the national industry,” Watanabe told Blockworks. “Notably, this issue has long been a risk factor raised by VCs and startups.”. Read more: Toyota Tests Developer Skills on Popular Japanese Blockchain. By integrating crypto assets into a broader strategy for industrial competitiveness and innovation, Japan’s signals commitment to adapting its regulatory and economic policies to the evolving digital economy.. “Politicians, equipped with accurate knowledge, are moving towards relaxing these regulations,” Watanabe said. “This shift, a result of concerted public-private efforts, represents a victory for all involved.”. The current Diet session runs until June 23, 2024, but legislators can opt to carry over bills, which do not automatically expire as they might in the US Congress at the end of a two-year cycle.. Don’t miss the next big story – join our free daily newsletter.. Tags. Japan. regulation. Venture Capital. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.. by Tricia Lin. more from news. Select a tab. Earnings from Coinbase and Robinhood boosted stock prices, while bitcoin’s open interest hits highs not seen since 2021, 2022. by Katherine Ross /. February 16, 2024. Ethereum Dencun will enable Ethereum transactions to be submitted as blobs, potentially alleviating the costs of posting data on the blockchain. by Bessie Liu /. February 16, 2024. After a rocky start, bitcoin ETF shareholders are now well in the green. by David Canellis /. February 16, 2024. Revolut said that the standalone crypto exchange is currently “invite only”. by Katherine Ross /. February 16, 2024. The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter. by Ben Strack /. February 16, 2024. BUZZ holds shares of Coinbase, Robinhood and MicroStrategy. by Katherine Ross /. February 16, 2024