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Japan's financial services agency is considering the possibility of approving exchange-traded funds that track digital assets, according to Bloomberg.
According to sources that have trusted Bloomberg, the financial regulator is currently measuring the interest of the sector in the funds traded on the stock exchange for cryptocurrency monitoring.
This happens less than a month after the financial controller has set aside the cryptocurrency futures plans. As a result, the regulator has abandoned efforts to revise the securities law in Japan, a move that would see the listing of cryptocurrency options and futures on major financial markets.
Therefore, the financial observer explained that the decision was based on the fact that the introduction of such products would only stimulate speculation and little else. Allowing for cryptocurrency futures would have seen Japan enter countries like the United States that have already quoted bitcoin futures.
Self-regulation and leverage
In addition to the shelving plans for cryptographic cash futures in Japan, other steps that the Financial Services Agency is taking include the assignment of greater supervisory powers to the regulatory bodies appointed by the institutions and members of the sector. . In addition, the Japanese financial services agency also intends to limit the leverage that can be provided by grants and brokers.
And as CCN reported at the beginning of last month, the FSA also intends to place most of the initial coin offerings under the country's securities law.
Japan's financial regulation to issue ICO guidelines: report https://t.co/xfjxPlvB8H
– CCN.com (@CryptoCoinsNews) 2 December 2018
Some of the proposals put forward by the FSA in this regard include the request to ICO issuers to register with the financial control body. It is likely that these and other proposals will be contained in a proposed law that the part of government of the country will present before the current parliamentary session ends in two months. Proposals are expected to become law by the end of next year.
While Japan has suffered some of the world's greatest cryptocurring robbers who have led to demands for more stringent regulation, the watchdog has been careful not to take measures that would have strangled the cryptic sector.
Sector measures
Last year in August, FSA Commissioner Toshihide Endo outlawed excessive regulation of cryptocurrency trade arguing that it was important to foster innovation by avoiding restrictive policies, as reported by CCN at the time:
We are not going to brake [the cryptocurrency sector] too. We would like to see it grow according to the appropriate regulations.
This approach by current and past regulators has given Japan an edge over the rest of the world in cryptocurrency markets. Currently, the country of Far Eastern Asia is the world's largest encrypted exchange market, before South Korea and the United States.
Shutterstock foreground image.
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