Japanese FSA Doesn’t Want To Add Bitcoin ETF Product, Talks Down Recent Rumors

Japanese FSA Doesn’t Want To Add Bitcoin ETFs, Despite Recent Rumors

Japan’s Financial Services Agency (FSA) has been in the media frequently lately for the newest regulations and modifications they’ve established that impact cryptocurrency. In a new report from CoinTelegraph, the agency is denying interest that they would be willing to allow Bitcoin exchange-traded funds (ETFs).

Bloomberg had released an article as recently as Monday that the FSA had been considering the approval of a Bitcoin ETF, which was information provided by an anonymous source. Just after the reports were published, the regulator directly told CoinTelegraph Japan, “At this moment, we are not exploring an approval of ETFs based on crypto assets.” The agency added that they are unaware of who the anonymous source could possibly be, considering the lack of evidence.

The FSA had revealed last month that they were considering a reclassification of cryptocurrencies, which would cause them to be referred to as “crypto assets.” With this new category, the government was trying to establish clarity in the definition, hoping that

“traders will no longer purchase [cryptocurrencies] believing that they are legal tender recognized by the government.”

At the time, an advisory panel with the agency had requested changing the term “virtual currency,” out of concern that there would be additional confusion. In another report, it was revealed that there may soon be regulation by the FSA that would govern the unregistered companies that solicited crypto investments. This addition to the present regulations of fiat currency in the same manger would eliminate a loophole that some investors and local companies are abusing.

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