The whole cryptocurrency market has been waiting for the approval of a Bitcoin ETF by the U.S. Securities and Exchanges Commission [SEC], with the hopes that it would drive up the institutional investors in the space. Up until now, the commission has only rejected the proposals made with regards to the Bitcoin ETF. However, as the commission continues to prolong the approval of the exchange-traded product, other countries have started to step up and look into the benefits of a Bitcoin ETF.
The latest one being Japan, one of the leading countries in terms of cryptocurrency adoption. According to a Bloomberg report, the regulatory body of the country could approve the exchange-traded fund that “track the asset class”. This marks as a significant move by the Financial Services Agency [FSA] as the regulatory body had recently decided to the vote against the approval of cryptocurrency derivates.
Additionally, the FSA has taken several measures in terms of regulating the cryptocurrency space, in the light of the CoinCheck hack, which resulted in the loss of over $534 million, making it the biggest hack since Mt. Gox. The report stated:
“The conclusions will likely serve as a backbone for a bill the Liberal Democratic Party will probably submit during the current Diet session that ends in March, with the eventual goal of becoming law as early as 2020, the person said.”
Along with this, the report also stated that there would be a few changes in the Payment Services Act because of the recommendations made by the regulatory body.
Notably, Japan is not the only country interested in an exchange-traded fund. Last year, news broke that Switzerland regulatory body approved an ETP, making it the very first country to do so. SIX Swiss Exchange, Switzerland’s main stock exchange, announced the trading of Amun Crypto ETP.
The ETP is designed to track an index of the top five cryptocurrencies in the market, Bitcoin [BTC], XRP, Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH]. The ETP was launched towards the end of the year, November 2018 and has reportedly witnessed a massive success.
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