Japan may not be considering crypto ETFs after all...

14 Jan, 2019 | Updated: 14 Jan, 2019
by David Robb
Japan may not be considering crypto ETFs after all...

It recently emerged that Japan's Financial Services Agency (FSA) might be considering ETF proposals, for possible approval sometime in early 2020. The FSA has now officially denied this report, according to Bitcoin.com.

Many crypto enthusiasts believe that an exchange-traded fund based on BTC or other cryptos is crucial for institutional investment in the space, and that the approval of an ETF by a national authority will be the catalyst for a return of the bull market.

Read more: Japan may approve crypto ETFs in 2020

Therefore, the report that the FSA was gauging industry interest ahead of draft legislation in March and eventual legal approval of ETFs in early 2020 was met with some excitement. This story came from an anonymous Bloomberg source, but an official spokesperson for the FSA has now claimed that it isn't true:

"There is no such fact that we are considering approving ETFs which track crypto-assets at present … we are not currently considering approving them...it is difficult for us to find constructive and social significance of trading crypto-assets derivatives at present, (so) we think that there is no need for trading crypto-assets derivatives at financial instruments exchanges where many market participants are able to trade."

It looks as though ETF enthusiasts may have to shift their focus back to the SEC and hope that it will stick to this year's revised deadlines for decisions, and that the influence of 'Crypto Mom' Hester Peirce will be enough to secure approval.

Read more: Why does SEC Commissioner Hester Peirce fight for a Bitcoin ETF?Bitwise files for new Bitcoin ETF: 'Optimistic 2019 will be the year'

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Read more about: Japan ETF


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