Foreign media: Japan plans to allow certain venture capital institutions to directly invest in cryptocurrency and Web3 startups

Japan’s Ministry of Economy, Trade and Industry announced on February 16 that Japan’s cabinet has approved a proposal to add cryptocurrencies to the list of assets that can be acquired or held by local investment limited partnerships. “The amendment to the Industrial Competitiveness Strengthening Act will expand strategic investment to support small and medium-sized enterprises and start-ups,” the ministry said in the revised bill released on Friday. The revision will allow venture capital institutions to invest in projects that only issue cryptocurrencies, local news outlet Coinpost reported on Saturday. The bill has been submitted to the legislative body and will be considered following cabinet approval, the ministry said in a statement. It is reported that Japanese limited partnerships are usually used to invest in unlisted companies, which has become a common measure for venture capital institutions to invest in start-up companies. (The Block)