Japan’s FSA No Interest In Bitcoin ETF
In the latest cryptocurrency news, the chaos of approving Bitcoin ETF continues across crypto space courtesy of US regulators. Official reports suggest that Japan’s very own Financial Services Agency (FSA) is quite optimistic to approve the proposal.
Japan Exploring Digital Currency ETFs
An anonymous individual who has connections and familiar with the matter said that regulators in the country at the moment are heavily considering the idea of stepping up with ETF tracking cryptocurrencies instead of future contracts. The FSA’s effort may revive the case of the infamous Coincheck hack and many such heist incidents that happened in the Land of the Rising Sun last year.
Considering the aforementioned incidents, it is safe to assume that it offers more rights and power to the country’s self-regulatory bodies. At the same time, it would enable them to bring more Initial Coin Offerings (ICOs) under “the scope of securities law.”
However a month ago, the country’s regulators appeared to have revised Japan’s securities law. The latter, in particular, would have allowed crypto futures and options to be “listed on major financial exchanges.” It is worth noting that this could be made possible after the due diligence of the potentials of these products within the market beside stock speculations).
Giving a Hard Pass To Crypto Futures
In consideration of Bitcoin ETF, Japan is likely to bar the “long awaiting Bitcoin and Ethereum futures.” On the other hand, US Securities and Exchange Commission has already rejected Bitcoin ETFs – including Wrinklovess – and has even delayed a great number of other proposals.
Furthermore, during October 2018, the agency put forward the plan of expanding its regulatory extents in Japan. In addition to this, the unnamed source, who requested to remain anonymous, told the media that if the country approves the ETF, it would serve “as the key for a bill’ that Liberal Democratic Party is reportedly expected to submit by March. As a result, the law will come into effect as early as 2020.
As claimed by the reports earlier, Japan has always planned to change securities legislation through the Financial Instruments and Exchange Act. And as far as the latest anonymous person reported is concerned, the narrative means that FSA’s recommendations are pointing to amend the Payment Service Act as well.
It is interesting to see how the FSA’s decision will stir a debate in the crypto realm. And as Japan continuous to be among the countries that have embraced digital assets, it could very much do a huge impact.