In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH).

This recommendation comes as Japan debates whether to follow the US and other nations that have already approved crypto-backed ETFs.

The Push For Crypto ETF Approval

It is no more news that the recent introduction of crypto ETFs in the US and other major countries such as Hong Kong is viewed as a milestone for the digital asset industry, following years of regulatory resistance.

Despite the embrace crypto ETFs have received from these countries, Japan, on the other hand, has been so far cautious on this front, with officials from the Financial Services Agency (FSA) previously expressing reservations about the advantages of these ETFs.

However, as of October 25, a certain group, which includes prominent financial institutions appears to be pushing and urging the country’s regulator to prioritize Bitcoin and Ethereum ETFs due to their “market value and long-term performance” which make them “well-suited” for asset-building over medium to long-term horizons.

Particularly, the group’s proposal highlights the perceived reliability of Bitcoin and Ethereum, pointing out their track records, and significant market caps, which are key players in the overall digital currency market.

As Japan explores a potential shift in its stance on crypto ETFs, this coalition seems to ensure that the focus remains on well-established assets such as Bitcoin and Ethereum.

Recommendations For Tax Reform And Regulatory Review

In addition to recommending that Bitcoin and Ethereum be prioritized in potential ETF offerings, the coalition also advised that Japan Go to Source to See Full Article
Author: Samuel Edyme