Recent report from Bloomberg, Japan’s Financial Services Agency (FSA) may be looking into approving Bitcoin ETF proposals. Citing anonymous sources who are familiar with the matter claims that FSA has “abandoned plans” to allow crypto-related derivatives, such as the physically-backed futures (Bakkt), from trading in Japan, but is looking into ETFs instead.
While some believe that FSA is behaving bearish by not allowing the derivatives to enter, others argue that such derivatives like those based on the CME and CBOE have actually attributed in deflated the value of Bitcoin, instead of pushing it higher. Furthermore, the hype around a fully-fledged crypto ETF could pull in a bullish attitude from the surrounding.
According to sources, FSA is diligently trying to “gauge industry interest” in Bitcoin ETFs as it will allow investors to have an alternative to BTC derivatives. Inside men from Bloomberg suggests that if ETFs are established as the proper route to head down, a governmental bill will be pushed by the Liberal Democratic Party by March, meaning that the law could go into effect by 2020. The bill will purportedly amend Japan’s securities legislation, along with the Payment Services Act, which has become a topic of interest for crypto enthusiasts in the nation.
Meanwhile in the U.S.
While Japan-based Bitcoin ETFs seems to be a better probability, the ecosystem has been looking forward to the U.S. Securities and Exchange Commission (SEC) for approving a Bitcoin ETFs from the multiple of applications it has received.
VanEck, a supporter of the crypto industry, has especially pushing to get approval for its ETFs in the USA. An official SEC memorandum, dated to November 28th, 2018, has revealed that representatives from VanEck, SolidX, and CBOE discussed the matter of Bitcoin in a closed-door meeting.
However, the SEC has further SEC delayed their comment on the application. In an SEC-stamped document published on January 6th, the governmental agency claims that they would be exercising its right to delay a verdict on the application until February 27, 2019. While many did not like another delay, analysts and commentators expected the delay.
For now, it is actually a waiting game of who will approve a Bitcoin ETF first.