Japan Regulators Denies Considering Approving a Bitcoin ETF

[coinluck43]

Japan’s Financial Services Agency (FSA) has denied that it is considering allowing Bitcoin (BTC) exchange-traded funds (ETFs).

Last week, several sources including Bloomberg reported that Japan is exploring the possibility of approving Bitcoin ETFs as an alternative to Bitcoin futures.

The FSA has now denied its interest in ETFs, for the time being, suggests the news reported at Bloomberg may have been fed by someone with an interest in reviving interest in crypto trading in Japan.

A spokesperson for the agency clarified on Friday:

There is no such fact that we are considering approving ETFs which track crypto-assets at present … we are not currently considering approving them.

Read More: https://bitzamp.com/japan-regulators-denies-considering-approving-a-bitcoin-etf/

[coinwizard_]

That is sad news, but if bakkt is successful then there is likely to be an equivalent version in japan. If demand is there by investors then someone will find a way to make it happen

[avikz]

Well, that's good news! There's no reason for being sad about it! These ETFs wouldn't have done any good to the market, instead it would have increased the speculation only without even investing in actual asset. Majority of the ETFs waiting at SEC's door, are synthetic ETFs where actual physical assets will not be traded in the market. So there's no need to be excited either!

I believe only Winklevoss one was the physical ETF proposed to SEC initially. Rest all 8 ETFs were synthetic. So it is better not to see them approved. Initially we thought Japan is the most crypto friendly country when they decided to regulate cryptos, but later when they start to charge exorbitant taxes upto 55%, the eyewash became prominent! So if Japan is not considering any ETF approval, it's good! Lets not outsiders speculate our ball game!

[target]

Well, that's good news! There's no reason for being sad about it! These ETFs wouldn't have done any good to the market, instead it would have increased the speculation only without even investing in actual asset. Majority of the ETFs waiting at SEC's door, are synthetic ETFs where actual physical assets will not be traded in the market. So there's no need to be excited either!

I believe only Winklevoss one was the physical ETF proposed to SEC initially. Rest all 8 ETFs were synthetic. So it is better not to see them approved. Initially we thought Japan is the most crypto friendly country when they decided to regulate cryptos, but later when they start to charge exorbitant taxes upto 55%, the eyewash became prominent! So if Japan is not considering any ETF approval, it's good! Lets not outsiders speculate our ball game!

But would you be hoping the approval of Winklevoss proposal to be approved?

Its really frustrating that people are waiting for it taking out their investment because they have to wait what effect if could do so if any of the proposal is approved then I think the speculations will end and we can go on.

[bitfocus]

thats bad! I really thought Japan will become the pioneer of BTC ETF!

[kryptqnick]

They just said that this is not under consideration right now. It's not denial of ETF proposal, like with SEC. It's simply not looking in that direction. Japan is still one of the best countries in terms of policies towards cryptocurrencies. Both cryptos and exchanges are legal, and the former are taxed if they are received as income or held as long-term investment (pretty much, like with fiat in many countries, I suppose). Since crypto exchanges are legal, why do they need ETF anyway? To create some more speculation around the market?

[Dudeperfect]

To be honest, I don't see such events affecting Bitcoin in the long run. However, legal recognition definitely improves the growth rate of adoption but expecting it from centralised authorities is a bold idea. I do see growth in the user base in the coming decades and not only finance but also other sectors will shift mechanism towards decentralisation for the better ecosystem.

[esetop01tryba]

I do not think that bitcoin is very much needed ETF as he was able to achieve amazing results without the intervention of the government. I'm not saying that ETF is useless but bitcoin can survive without it. We appreciate bitcoin because it is unique in our world and I do not think ETF is very important !

[dothebeats]

Well at least, Japan doesn't really closed the door and let the public anticipate for something that they don't really like in the moment, not unlike the SEC who are giving innuendos regarding ETF approvals yet constantly deny them by stating the same reasons over and over again. I think this is also good, given that the market would only be speculated hard enough and volatility would soon rise without these guys getting their feet wet on the actual market. They really are crypto-friendly and they just don't want the market to get diluted even more by capitalists.

[Eildosa]

This of course is very sad. I think that this event will not have any impact on the market. The adoption of bitcoin ETF has already been postponed so many times that no one even hopes that the SEC will approve it. But who knows. I think now is the most uncertain time in the market. We can only observe what is happening and speculate.

[avikz]

Well, that's good news! There's no reason for being sad about it! These ETFs wouldn't have done any good to the market, instead it would have increased the speculation only without even investing in actual asset. Majority of the ETFs waiting at SEC's door, are synthetic ETFs where actual physical assets will not be traded in the market. So there's no need to be excited either!

I believe only Winklevoss one was the physical ETF proposed to SEC initially. Rest all 8 ETFs were synthetic. So it is better not to see them approved. Initially we thought Japan is the most crypto friendly country when they decided to regulate cryptos, but later when they start to charge exorbitant taxes upto 55%, the eyewash became prominent! So if Japan is not considering any ETF approval, it's good! Lets not outsiders speculate our ball game!

But would you be hoping the approval of Winklevoss proposal to be approved?

Its really frustrating that people are waiting for it taking out their investment because they have to wait what effect if could do so if any of the proposal is approved then I think the speculations will end and we can go on.

I am not sure if I am understanding your point correctly. Can you please let me know how speculation games will end if the ETFs are approved? Instead it will increase the speculation game without touching the actual asset. Can you please elaborate your point?

[abojamal]

They just said that this is not under consideration right now. It's not denial of ETF proposal, like with SEC. It's simply not looking in that direction. Japan is still one of the best countries in terms of policies towards cryptocurrencies. Both cryptos and exchanges are legal, and the former are taxed if they are received as income or held as long-term investment (pretty much, like with fiat in many countries, I suppose). Since crypto exchanges are legal, why do they need ETF any
way? To create some more speculation around the market?

I agree with you that Japan is very open to encryption
It is did not deny it
But very high tax rates are almost 55%
Volume has made it very shrinking.

[pixie85]

Welcome to the FUD year. It's 2015 once again. Do you remember how there were rumors that China is banning BTC they denied everything and a month later somebody else came up with a story that insides are telling him that it's going to be banned and then again nothing happened. Later there was FUD about South Korea banning Bitcoin and now we had rumors of Russia buying and this. Don't believe the media!

[deisik]

Well, that's good news! There's no reason for being sad about it! These ETFs wouldn't have done any good to the market, instead it would have increased the speculation only without even investing in actual asset. Majority of the ETFs waiting at SEC's door, are synthetic ETFs where actual physical assets will not be traded in the market. So there's no need to be excited either!

I believe only Winklevoss one was the physical ETF proposed to SEC initially. Rest all 8 ETFs were synthetic. So it is better not to see them approved. Initially we thought Japan is the most crypto friendly country when they decided to regulate cryptos, but later when they start to charge exorbitant taxes upto 55%, the eyewash became prominent! So if Japan is not considering any ETF approval, it's good! Lets not outsiders speculate our ball game!

But would you be hoping the approval of Winklevoss proposal to be approved?

Its really frustrating that people are waiting for it taking out their investment because they have to wait what effect if could do so if any of the proposal is approved then I think the speculations will end and we can go on.

I am not sure if I am understanding your point correctly. Can you please let me know how speculation games will end if the ETFs are approved? Instead it will increase the speculation game without touching the actual asset. Can you please elaborate your point?

Maybe, he meant speculations as in idle talk about crypto

That is, not market speculations as what we are all used to here. But I'm not sure if these ETF's are paper only, i.e. their paper should be backed up by hard assets, in this case by bitcoins (that depends on their investment declaration). As I get it, ETF's are not the same as Bitcoin futures which are in fact cash-settled only and contribute to volatility (apart from Bakkt initiative, which hasn't been approved yet anyway)

[Ava Duvall]

That is sad news, but if bakkt is successful then there is likely to be an equivalent version in japan. If demand is there by investors then someone will find a way to make it happen

There has been a big shift in investors not only in Japan but in overall Asia. So there will be a solution, with time. Southeast Asia has been showing high demands and even though the government is not fully on board just yet, it will happen.

[bitbunnny]

It's not a positive news but it's not so sad either. I always say that the ecpectations from ETF are exaggerated. I don't think that acceptance would influence Bitcoin in so significant way.
But this denial doesn't influence the good reputation of Japan as a cryptocurrency friendly and very progressive country.

[deisik]

Since crypto exchanges are legal, why do they need ETF anyway? To create some more speculation around the market?

Mind you, that opens a big can of worms

As you can be asked mostly the same question, i.e. why do any other ETS's exist in the first place? There are commodity ETF's (e.g. engaged in gold operations), bond ETF's, index ETF's and likely many other types of exchange traded funds. Add to this futures and options as well as indexes. Why do these exist at all? It goes without saying, they add up to speculation massively but is it only about speculation or maybe there's something else involved?

[Pain to go mad]

There should be predictions. It's not going to be easy. It's not going to be real.

[Naida_BR]

Japan’s Financial Services Agency (FSA) has denied that it is considering allowing Bitcoin (BTC) exchange-traded funds (ETFs).

Last week, several sources including Bloomberg reported that Japan is exploring the possibility of approving Bitcoin ETFs as an alternative to Bitcoin futures.

The FSA has now denied its interest in ETFs, for the time being, suggests the news reported at Bloomberg may have been fed by someone with an interest in reviving interest in crypto trading in Japan.

A spokesperson for the agency clarified on Friday:

There is no such fact that we are considering approving ETFs which track crypto-assets at present … we are not currently considering approving them.

Read More: https://bitzamp.com/japan-regulators-denies-considering-approving-a-bitcoin-etf/

I really can't understand why people are so obsessed with Bitcoin ETF. If you have already bought your cryptos you don't need an ETF. I can agree that it will probably increase the value of the market but personally, I am more focused in bringing real value to the world with Blockchain and mass adoption rather than creating a market that institutional traders will be able to manipulate easier.

[bellamente]

Japan is going in the right direction and will not legalize Bitcoin futures. This may cause even higher manipulation on the market by big players. Now the bitcoin community is still too small for this