Japanese Companies Propose Focus on Major Cryptocurrencies for ETFs
Discussion on Crypto ETFs Should Concentrate on Top Tokens
Japanese corporations suggest that talks about permitting exchange-traded funds for cryptocurrencies should center on major tokens like Bitcoin and Ether. According to the group’s recommendations released on Friday, the significant market value and reliable performance of these cryptocurrencies make them suitable for long-term investment.
Cautious Approach of Japanese Regulators to Crypto ETFs
While the US saw the launch of crypto ETFs earlier this year, Japan has taken a more careful stance, with doubts expressed by the head of the Financial Services Agency about the benefits of such funds. The debut of these funds in the US marked a significant milestone for the digital asset industry.
Review of Crypto Regulation and Taxation Systems in Japan
In response to possible changes in crypto regulation, Japanese officials are considering a review that could lead to investment opportunities in funds and reduced taxes. The existing tax rate on crypto gains in Japan can be as high as 55%, prompting calls for a reconsideration of the tax system.
Group Members and Disclaimer
The group behind these proposals includes various prominent financial institutions, such as trust banks, crypto exchanges, and brokerages. They emphasize that the views expressed represent a consensus among members, rather than individual opinions.
Future Outlook on Crypto ETFs in Japan
While the Financial Services Agency plans to review its approach to crypto regulation, it remains uncertain how this will impact the potential approval of crypto ETFs in the country. Any changes resulting from the review process may take some time to materialize.
