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On January 7, an anonymous source said Bloomberg that the Financial Regulatory Agency of Japan, the Financial Services Agency (FSA), is evaluating the approval of a Bitcoin ETF (Exchange-traded fund).
According to the important news publication, a person familiar with the Japanese financial watchdog and his position on cryptocurrencies states that the FSA is checking whether there is an interest in a Bitcoin ETF that is being negotiating on the country's national markets.
No to Bitcoin Futures, to Possible Yes to Bitcoin ETF
This is less than a month from the financial questioning that has interrupted plans for cryptocurrency futures due to the efforts to revise the securities law in Japan. As reported by Bloomberg, the FSA believes that cryptocurrency and future options would only fuel speculation.
It seems that Japan's position on cryptocurrency trading products is in direct contrast to that of the United States. In comparison, the United States has already approved Bitcoin options and futures, but is reluctant to approve a Bitcoin ETF.
Despite the US position on the approval of an ETF, there are some hypotheses that the government's ongoing arrest in Washington could lead to Securities and Exchange Commission (SEC) automatically approve an ETF if they can not make a decision by the deadline.
However, Jake Chervinsky, a government lawyer who is familiar with the SEC's legal status, closes this speculative thought into a tweet:
Not exactly. It is true that a proposed rule change is self-approved if the SEC does not make a decision by the deadline, but in reality it will never happen. The SEC has enough staff to make a decision, even if it is a "pager" that says "denied for reasons that will be explained later".
– Jake Chervinsky (@jchervinsky) 6 January 2019
Self-regulation of Japan's crypto industry
Like before reportedThe Japanese financial services agency has entrusted responsibility for monitoring cryptocurrency exchanges with the Virtual Currency Exchange Association (JVCEA).
Once again, this move is contrary to what regulators are doing in the United States and allows the industry to better promote innovation in this rapidly moving space.
In addition, the FSA also put forward some proposals to place most initial coin offerings (ICOs) under the country's securities law, which would require ICO issuers to be registered with the FSA. These proposals will probably be contained in a bill that will be presented before the current parliamentary session ends in 2 months.
Overall, Japan's financial regulators are indulgent with their regulations in the cryptocurrency sector. They do not want to hinder innovation; they want to encourage it.
The Japanese FSA Commissioner, Toshihide Endo, previously he has declared:
We are not going to brake [the cryptocurrency sector] too. We would like to see it grow according to the appropriate regulations.
Bakkt scheduled for the short launch
In addition to Bitcoin ETFs and Japan's regulatory position, intercontinental exchange Bakkt, with their physically regulated Bitcoin futures trading offer, is still scheduled for launch later this month. Nasdaq it is said that it will follow the example in 2019.
However, due to the closure of the government in Washington, there is some uncertainty that the Commodities Futures and Trading Commission (CFTC) will be able to approve Bakkt in time for their launch at the end of this month.
It can not be said how long the US government will stop and what the effect of the cryptocurrency regulations and encrypted activities and services in the United States will be.
Do you think a Bitcoin ETF will be launched in Japan before one is launched in the United States? Do you agree with Japan's regulatory position on the cryptography industry? Let us know what you think in the comments section below.
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