Mainstream financial institutions in Japan support prioritizing the launch of Bitcoin and Ethereum ETFs

2024-10-26 11:44:33

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ChainCatcher news, some major Japanese institutions have stated that discussions about allowing cryptocurrency exchange-traded funds should focus on major tokens such as Bitcoin and Ethereum, as the country considers whether to follow overseas actions to permit these instruments.

The organizations include major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges like bitFlyer, and brokerage firms such as Nomura Securities and SBI Securities. In a set of proposals released on Friday, they stated that the enormous market value and "stable performance record" of these cryptocurrencies make them suitable for investors to "accumulate assets in the medium to long term." They also called for a review of the tax system, including separate taxation on income.

An official from Japan's Financial Services Agency stated last month that the agency would review its approach to cryptocurrency regulation, which could pave the way for funding investments and reducing taxes. The official warned that this review has no conclusions yet and may take some time to complete. Japan currently imposes taxes of up to 55% on cryptocurrency gains.

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