Japan’s Top Regulator Says Crypto-ETF Approvals Need ‘Cautious Consideration:’ Report

Japan’s top financial regulator said the decision to approve crypto-based exchange-traded funds needs to be approached with caution.
While Japan has yet to approve crypto ETFs, the U.S., Hong Kong and Australia have all recently given the go-ahead to such products.

The boss of Japan’s Financial Services Agency (FSA) said “cautious consideration” needs to be given to the decision of approving crypto-related exchange-traded funds (ETFs), Bloomberg reported.

Many people believe crypto assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner,” FSA commissioner Hideki Ito said in an interview with the financial news organization.

Japan has been a global leader in regulating stablecoins – digital currencies whose value is pegged to a real-world asset – and Web3. It was among the first countries to regulate crypto assets, even if that was followed by stiff consumer protection laws after the collapse of crypto exchange Mt Gox.

While Japan has yet to approve crypto ETFs, the U.S., Hong Kong and Australia have all recently given the go-ahead to such products.

Edited by Sheldon Reback.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

has been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Share this: