Japan’s cabinet recently approved a bill that will open up the Web3 space to investment funds and venture capital firms in the country.
This development came barely a month after the U.S. SEC gave the green light to 11 Bitcoin Spot ETFs; however, unlike Japan which recognized cryptocurrencies as a type of money as early as 2016, alongside leading the race in stablecoin regulatory frameworks, the U.S. is still reluctant to fully embrace the realm of Web3 innovations. With Japan seemingly going all in, both on the regulatory front and user protection, the latest move to add crypto as a potential asset class is a game-changer for the country’s investment landscape and the Web3 startup ecosystem. In fact, this milestone might play a significant role in shaping the decision-making process of Web3 startups looking to change jurisdictions or launch in crypto-friendly countries. After all, the Land of the Rising Sun has long been a leading technology hub, and its open arms approach to Web3 should come as no surprise. Source: Crypto News
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