The Japanese government is enabling new companies to use digital currencies like Bitcoin to raise funds from the public, replacing the traditional sale of company shares, with a focus on Investment Business Limited Partnerships, as per local news reports.
Until now, Japan wasn’t very open to digital currencies, but that’s starting to change. The government’s financial authority, the FSA, made a big move by changing tax rules on cryptocurrencies, which means local businesses won’t have to pay taxes on crypto profits.
Japan’s Prime Minister, Fumio Kishida, supports the Web3 industry, which is about using digital currencies and blockchain on the Internet. He thinks it can change the internet and society.
Plus, the cryptocurrency exchange Binance is now offering its services to people in Japan since it bought a local exchange called SEBC in November 2022.