Japan Opens Door to Bitcoin ETFs!

USA and Hong Kong in 2024 spot Bitcoin ve Ethereum ETFHe signed important decisions by approving the ‘s.

While spot ETFs continue to proliferate around the world, Japan, one of the largest economies in the world, still does not have a sports ETF.

While it is noteworthy that no cryptocurrency ETF has been approved in Japan to date, Japan’s financial regulatory authority, the FSA, warns caution when deciding whether to approve cryptocurrency-focused ETFs, similar to moves made by Hong Kong and the United States.

Speaking to Bloomberg Japan Financial Services Agency (FSA) Chairman Hideki Ito said that “careful consideration” should be given to approving crypto ETFs.

FSA chief Ito said most Japanese citizens are interested in cryptocurrencies such as Bitcoin “The Japanese people are not contributing to wealth creation in a stable and long-term way.” he said he believed.

Ito added that the FSA did not completely rule out the possibility of a spot crypto ETF, noting that it intends to maintain a “pro-tech stance.”

“Japanese people do not believe that cryptocurrencies contribute to their wealth.

“However, we do not completely rule out the possibility of spot crypto ETF approval. However, there are things we need to consider as to whether the Japanese public should be encouraged to invest in them.”

Japan’s cryptocurrency industry has had a checkered past. Tokyo-based cryptocurrency exchange Mt. Gox suffered a major hack about 10 years ago, and victims are only now starting to get back the tokens they lost in that hack.

Japanese cryptocurrency exchange other than Mt.Gox DMM Bitcoinsuffered a major hack in June. According to Chainalysis, DMM Bitcoin lost $301 million in the seventh-largest crypto hack on record.

*This is not investment advice.