Japan regulator Financial Services Agency (FSA) has denied rumors that it is considering the option of Bitcoin exchange-traded funds (ETFs).
The denial comes after the report by Bloomberg from an anonymous source that claims FSA was mulling on the acceptance of Bitcoin ETFs. The agency has categorically denied that fact, saying, “At this moment, we are not exploring an approval of ETFs based on crypto assets.”
The FSA was also reported to be considering the creation of a new legal category for cryptocurrencies, called crypto assets. Through the single name change from currency to assets, the report said the government “hopes that traders will no longer purchase [cryptocurrencies] believing that they are legal tender recognized by the government”.
Japan is one the most progressive countries when it comes to cryptocurrency. Yet, the Asian nation is ensuring that there is no misleading information or perception on the nature of cryptocurrencies. The FSA is very active in this regard and has made a number of regulations and given rulings. In October last year, it had declared that stable coins were not a form of cryptocurrencies, but just a form of prepaid payment instruments. This definition put stable coins in a whole different category and standard payment instrument applied to them.
In December, the agency also set out a new set of rules for companies wishing to run and ICO, in order to protect the rights of investors. This would require proper registration and approval from the regulator first.
The country also has a crypto exchange regulating body, the Japanese Virtual Currency Exchange Association (JVCA). It is primarily a self-regulating group that sets standards for industry-wide investors.
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