Japan Not looking into Approval of Bitcoin ETF

Japan Not looking into Approval of Bitcoin ETF

Approval of Bitcoin ETF

According to a spokesperson from the Financial Services Agency (FSA), Japan is not considering the approval of a Bitcoin exchange-traded fund (ETF).

 

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In a chat with Bitcoin.com, an FSA representative said:

“There is no such fact that we are considering approving ETFs which track crypto-assets at present. We are not currently considering approving them.”

Several sources including Bloomberg last week reported that Japan is exploring the possibility of approving Bitcoin ETFs as an alternative to Bitcoin futures.

The reports ignited an increase in anticipation toward the approval of the VanEck Bitcoin ETF filing that is set to be decided by the U.S. Securities and Exchange Commission (SEC) by the end of February, as the rise of entirely controlled speculation vehicles in a noteworthy market like Japan would diminish the danger of value control.

However, in a statement, an FSA spokesperson said that the agency does not recognize the necessity of any cryptocurrency-related derivatives as of now. The rep said:

“Taken it into consideration that it is difficult for us to find constructive and social significance of trading crypto-assets derivatives at present, we think that there is no need for trading crypto-assets derivatives at financial instruments exchanges where many market participants are able to trade,”

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