A Bitcoin Exchange Traded Fund (ETF) could be launched on the Japanese Stock Exchange soon after an anonymous source told Bloomberg today, Jan 7, that the country’s Financial Services Agency (FSA) is considering the matter.
While no timeline was provided, the source mentioned that the agency is currently “gauging industry interest in ETFs tracking digital currencies” and will make a decision before possibly submitting a bill in that respect sometime in March.
If the FSA comes up with a favorable decision, then the Bitcoin ETF will be “listed in the much larger and more-liquid Japanese stock market” and allow more people to invest in the popular cryptocurrency.
Japan’s ETF market according to the report is worth $335 billion (with about 75 percent owned by the central bank). A Bitcoin ETF would give the new asset-class more legitimacy and attract many mainstream investors to it.
Bitcoin Futures Disapproved in Japan
Although Japan’s Financial Services Agency is largely expected to decide in favor of a Bitcoin ETF, the agency had earlier disapproved of derivatives such as a Bitcoin Futures Contract. The agency believes that such derivative would only increase speculation with little results if listed on major financial exchanges.
The crypto industry landscape in Japan has been busy recently with the National Tax Agency also announcing in December, that it would reduce crypto tax evasion by amending existing laws.
Meanwhile, we reported earlier that the U.S SEC could also approve a Bitcoin ETF proposal submitted by VanEck and SolidX later this year while a Bitcoin Exchange Traded Product (ETP) was approved for listing on the Swiss Stock Exchange in October.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!