Bitcoin News

Japanese FSA denies having interest in the creation of Bitcoin or altcoin ETFs

As per the latest crypto news, Japan’s Financial Services Agency (FSA) has denied that it is considering letting Bitcoin (BTC) exchange-traded funds (ETFs).

Bloomberg who had lately published an article requesting that Japan’s FSA sees for support of a Bitcoin ETF, quoting a nameless source. Succeeding the reports, Cointelegraph Japan has communicated the regulator, and the FSA’s legislatures have denied Bloomberg’s claims, stating:

“At this moment, we are not exploring an approval of ETFs based on crypto assets.”

In December the company stated that the Japanese Financial Services Agency (FSA) is considering placing cryptocurrencies into a new legal category called cryptocurrency assets. Japan’s FSA is set to start a new initial coin offering (ICO) guidelines to defend depositors from fraud. Business workers directing ICOs will allegedly be essential to list with the FSA. As per the report, the National Police Agency (NPA) has exposed that there have been more than 6000 reports to the Japanese police about supposed illegitimate uses of cryptocurrencies, such as AML, between January and September.cryptocurrencies are considered to follow the same principles of economics as gold – price is determined by the limited supply and the fluctuations of demand. With the constant fluctuations in the exchange rates, their sustainability still remains to be seen. Consequently, the investment in virtual currencies is more speculation at the moment than an everyday money market.

By comparison, the number of such reports last year was 669, but their number increased after the application in April of a law helpful the crypto exchange workers to make information to the police if they notice doubtful digital currency transactions.

Cryptocurrency investors have observed the formation of crypto exchange traded reserves as a method to speed up more development in the dropping cryptocurrency markets subsequently the from the mid of 2018. Though limited banks have yet to make a statement on how they wish to respond to such a development, the prevailing thought is large-capital investment firms are waiting on more substantial guidelines before investing their currency in crypto exchanges. The Winklevoss twins, both long-time Bitcoin co-founders and supporters of cryptocurrency exchange Gemini, have been predominantly dynamic in January 2019 in raising consciousness for ETF approval. Recently, the twins contributed in an AMA on Reddit, causing a diversity of subjects in regards to cryptocurrency as well as Bitcoin. Though, the leading through-line for their conversation was greater regulatory attendance and the push for ETF endorsement, giving a strong suggestion for where their attention takes place.

Moreover, the owners even made a statement of new marketing operation by Gemini that positioned around the requirement for give-and-take instruction in the cryptocurrency markets.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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