Japan dismissed reports regarding BTC ETF approval

Japan dismissed reports regarding BTC ETF approval
Jan 14, 2019 by Rico Wise

The spokesperson stated that there is presently no consideration process regarding the exchange-traded fund approval for digital currencies tracking. Last week, some news sources, as well as Bloomberg, have released the news about the Japanese government purportedly contemplating a BTC exchange-traded fund approval as an alternative to BTC futures.

Such reports sparked anticipation regarding the VanEck BTC ETF application that is scheduled to be decided by the US SEC before the end of February, due to the fact that the emergence of strictly supervised financing vehicles in a large marketplace such as Japan would diminish the dangers of price manipulation.

Nevertheless, in a statement, the FSA representative claimed that the agency does not deem any crypto-related derivatives necessary at this point, underlining its negative disposition regarding both digital currency exchange-traded funds and futures products.

A BTC exchange-traded fund in Japan or any other dominant cryptomarket has never had the chance to affect the US SEC’s decision, seeing how the commission likes to treat itself as the leader in international policymaking.

Still, it displays the desire of both the FSA and the financial authorities of Japan to concentrate on solidifying the infrastructure of the local cryptoexchange marketplace instead of switching to financing vehicles, which might facilitate the mainstream exposure of the asset class within a short time span.