Japan Explores Crypto ETFs After Snubbing Futures
- FSA is gauging industry interest in such funds, person says
- Ruling party may submit proposed legislation by March: person
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Japan’s financial watchdog has abandoned plans to allow listed derivatives based on cryptocurrencies but may yet approve exchange-traded funds that track the asset class, according to a person familiar with the matter.
The decision to bar instruments like Bitcoin futures or Ethereum options in one of the largest markets for cryptocurrencies marks another setback for investors betting on institutional demand to help end a brutal year-long selloff. But the possibility of ETFs tracking digital assets in Japan could revive appetite from retail investors after $500 million was stolen from Tokyo-based Coincheck Inc. a year ago.