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The Japan Financial Services Agency (FSA) is apparently open to the approval of exchange-traded funds (ETFs).
A Bloomberg report on Monday, citing a person who is "familiar with the issue," said the FSA is currently assessing institutional interest in ETFs tracking cryptocurrencies and may eventually give them the go-ahead.
The ruling Liberal Democratic Party, it is said, will present a draft law by March 2019, which could include such a move through amendments to existing financial rules. The draft law, which would also introduce greater self-regulatory oversight of the sector and will classify many ICO titles as securities, could enter into force by 2020, as indicated in the report.
However, Bloomberg added that the FSA has now abandoned plans to include approval for the trading of cryptographic derivatives on financial exchanges because of the concerns that products would mainly lead to speculation.
The growing control of the cryptographic space in Japan follows an important attack of the exchange of Coincheck in January, which saw stolen about 533 million dollars in cryptocurrencies.
Crypto ETFs are seen by many market observers as a means of bringing institutional capital into the sector, although not everyone is interested in the idea.
In the United States, several participants are planning to launch such products, although the Securities and Exchange Commission (SEC) has not yet approved any. Again in August, the agency rejected nine applications of the bitcoin ETF "to prevent fraudulent and manipulative acts and practices", and in December postponed a decision on a product from VanEck / SolidX until February.
In addition, the president of the SEC Jay Clayton He said at November's CoinDesk Consensus that does not see a path towards an approval of the ETF in cryptocurrency until concerns about market manipulation are addressed.
Image of Tokyo via Shutterstock
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