Japan is considering approving crypto ETFs

Financial Services Agency (FSA), a Japanese financial regulator, is considering approving exchange-traded funds (ETFs) that track cryptocurrencies, a person familiar with the matter told Bloomberg. Just last month, FSA decided that it would not revise the securities law in order to allow crypto futures to trade on financial exchanges, citing concerns over heightened speculation. The regulator is currently gauging industry interest in the crypto ETFs and the ruling party could submit the legislation as soon as March. If approved, the proposed change could become law in 2020. Bloomberg noted that mutual funds are still king in Japan where the ETF market is only worth $335 billion with about 75% owned by Bank of Japan.