Progress towards the realization of “acquisition and holding of crypto assets†by LPS – Amendment bill approved by Cabinet | CoinDesk JAPAN
It looks like LPS (Limited Liability Partnership for Investment) will be able to acquire and hold crypto assets.
The Ministry of Economy, Trade and Industry announced on February 16 that the Cabinet approved the “Bill to partially amend the Industrial Competitiveness Enhancement Act, etc. to promote the creation of new businesses and investment in industry.” The bill is expected to be submitted to the 213th ordinary session of the Diet, which is currently in session.
The amendment bill includes “partial amendments to the Act on Limited Liability Partnership Contracts for Investment” and, if passed by the Diet, “addition of crypto assets to the list of assets that can be acquired and held by Limited Liability Partnerships for Investment (LPS)”. “Measures such as this” will be taken.
Currently, LPS is not allowed to hold crypto assets, and domestic venture capital firms (VCs) are unable to invest in Web 3.0 startups aiming to raise funds with crypto assets.
In December of last year, the Japan Crypto Asset Business Association (JCBA) published “Proposals regarding the acquisition and holding of crypto assets by LPS” aimed at amending the LPS Act.
Related article: JCBA makes a proposal to the Ministry of Economy, Trade and Industry to revise the LPS Act – “Enabling the acquisition and possession of crypto assetsâ€
The revision will eliminate one of the hurdles toward mass adoption of Web3.
｜Text: CoinDesk JAPAN Editorial Department
｜Image: From JCBA proposal
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