Key takeaways
- Japanese financial institutions offer crypto ETFs focused on Bitcoin and Ether.
- The proposals include reassessing tax policies on crypto income.
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A coalition of Japanese companies has propose that discussions regarding the creation of crypto ETFs should focus on major tokens such as Bitcoin and Ether.
This initiative comes as Japan considers whether to align its regulations with international measures aimed at authorizing these financial instruments.
The group includes leading institutions such as Mitsubishi UFJ Trust and Banking Corp, brokerages like Nomura and Daiwa Securities, and crypto exchanges such as bitFlyer, the largest crypto exchange in Japan, and Bitbank.
They highlighted the large market capitalizations and stable track records of Bitcoin and Ether, which make these digital assets suitable for investors looking to build assets over the medium to long term.
Their proposals were published on Friday and also call for a review of the tax framework on crypto assets, notably advocating the separation of taxes on income from digital currencies.
The debut of crypto ETFs in the United States earlier this year marked an important moment for the digital assets sector, which had long struggled with regulatory hurdles surrounding the launch of funds backed by Bitcoin and Ether.
The adoption of Bitcoin and digital assets in Japan continues to accelerate. Metaplanet, the Tokyo-based company, adopted Bitcoin as a strategic reserve asset to protect against Japan’s debt burden and resulting yen volatility.
The company currently holds 855 Bitcoins, valued at approximately $56 million. Additionally, Metaplanet announced its application of MicroStrategy’s BTC Yield strategy to assess the impact of its Bitcoin acquisitions on shareholder value.
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