The Financial Services Agency (FSA) of Japan has refuted the claim that it is seeking to approve Bitcoin (BTC) exchange-traded funds (ETFs).
As was earlier reported on Monday, an article was recently published by Bloomberg claiming that Japan’s FSA is seeking to accept a Bitcoin ETF, as an anonymous source was cited. In regards to the reports, the regulator was contacted by a newsagent in Japan, and Bloomberg’s claims were denied by the FSA’s representatives, noting that:
“At this moment, we are not exploring an approval of ETFs based on crypto assets.”
According to the agency’s staff, they have no knowledge of the person familiar with the matter cited by Bloomberg.
There were speculations going around in December 2018 that cryptocurrencies are being placed into a new legal category called “crypto-assets” by the FSA. According to the report, the government, by classifying crypto this way “hopes that traders will no longer purchase [cryptocurrencies] believing that they are legal tender recognized by the government.”
At that time, a report which was demanding the alteration of the term “virtual currency” was filed by an FSA advisory panel in order to prevent such confusion.
An earlier report reveals that Japan’s Financial Services Agency is looking into the regulation of unregistered firms requesting investments in crypto so as to fill a gap in the existing local legislation, report shows.