{"id":1702,"date":"2024-10-26T16:03:06","date_gmt":"2024-10-26T16:03:06","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1702"},"modified":"2024-10-26T16:03:06","modified_gmt":"2024-10-26T16:03:06","slug":"will-japan-launch-bitcoin-and-ethereum-crypto-etfs-key-industry-group-pushes-for-approval","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1702","title":{"rendered":"Will Japan Launch Bitcoin And Ethereum Crypto ETFs? Key Industry Group Pushes for Approval"},"content":{"rendered":"
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In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended<\/a> that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH).<\/p>\n

This recommendation comes as Japan debates whether to follow the US and other nations that have already approved crypto-backed ETFs.<\/p>\n

The Push For Crypto ETF Approval<\/h2>\n

It is no more news that the recent introduction of crypto ETFs in the US and other major countries such as Hong Kong<\/a> is viewed as a milestone for the digital asset industry, following years of regulatory resistance.<\/p>\n

Despite the embrace crypto ETFs have received from these countries, Japan, on the other hand, has been so far cautious on this front, with officials from the Financial Services Agency (FSA) previously expressing reservations about the advantages of these ETFs.<\/p>\n

However, as of October 25, a certain group, which includes prominent financial institutions appears to be pushing and urging the country\u2019s regulator to prioritize Bitcoin<\/a> and Ethereum ETFs due to their \u201cmarket value and long-term performance\u201d which make them \u201cwell-suited\u201d for asset-building over medium to long-term horizons.<\/p>\n

Particularly, the group\u2019s proposal highlights the perceived reliability of Bitcoin and Ethereum, pointing out their track records, and significant market caps, which are key players in the overall digital currency market.<\/p>\n

As Japan explores a potential shift in its stance on crypto ETFs, this coalition seems to ensure that the focus remains on well-established assets such as Bitcoin and Ethereum.<\/p>\n

Recommendations For Tax Reform And Regulatory Review<\/h2>\n

In addition to recommending that Bitcoin and Ethereum be prioritized in potential ETF offerings, the coalition also advised that Japan reconsider its tax policies<\/a> on crypto income.<\/p>\n

Japan\u2019s tax rate on crypto gains can reach as high as 55%, which many argue is a deterrent to individual and institutional investors.<\/p>\n

The group suggested that a separation of tax on income earned from cryptocurrencies could help make Japan a more \u201ccompetitive\u201d destination for digital currency investment.<\/p>\n

Notably, members of this coalition include key players in Japan\u2019s financial landscape<\/a>, such as Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., crypto exchange bitFlyer Inc., and brokerage firms like Nomura Securities Co. and SBI Securities Co.<\/p>\n

These institutions with vast industry experience have collectively expressed their concerns and recommendations as a consensus rather than individual opinions.<\/p>\n

The coalition\u2019s insights come when Japan\u2019s digital currency regulatory environment is under close examination, and the FSA has confirmed its intent to review its regulatory policies<\/a>. However,\u00a0this review is expected to take time and its outcome remains uncertain.<\/p>\n

\"<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH). This recommendation comes as Japan debates whether to follow the US and other nations that have already […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1702","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1702"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1702\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}