Mainstream Japanese financial institutions support prioritizing the launch of Bitcoin and Ethereum ETFs
Some mainstream Japanese institutions have stated that discussions about allowing cryptocurrency exchanges to trade funds should focus on major tokens such as Bitcoin and Ethereum. Previously, the country was considering whether to emulate overseas actions to allow these tools.
The organization includes major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges like bitFlyer, and brokerage firms like Nomura Securities and SBI Securities. In a set of proposals released on Friday, it stated that the huge market value of these cryptocurrencies and their "stable performance record" make them suitable for investors to "accumulate assets in the medium to long term". It also called for a review of the tax system, including separate taxation on income.
An official from Japan's Financial Services Agency said last month that the agency will review its crypto regulation methods. This move could potentially pave the way for investment funding and reduce taxes. The official warned that this review is not conclusive and may take some time to complete. Japan currently imposes up to 55% tax on cryptocurrency earnings.
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