Key takeaways
- Japanese financial institutions propose crypto ETFs focused on Bitcoin and Ether.
- The proposals include re-evaluating tax policies on crypto income.
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A coalition of Japanese companies has proposed that discussions on establishing crypto ETFs should focus on major tokens like Bitcoin and Ether.
This initiative comes as Japan considers whether to align its regulations with international measures to allow these financial instruments.
The group includes prominent institutions such as Mitsubishi UFJ Trust and Banking Corp, brokerages such as Nomura and Daiwa Securities, and cryptocurrency exchanges such as bitFlyer (Japan’s largest cryptocurrency exchange) and Bitbank.
They highlighted the large market capitalizations and stable track records of Bitcoin and Ether, which make these digital assets suitable for investors looking to build medium- and long-term assets.
Their proposals were published on Friday and also called for a review of the tax framework on crypto assets, advocating in particular for the separation of taxes on income earned from digital currencies.
The debut of crypto ETFs in the US earlier this year marked a significant moment for the digital asset industry, which had long struggled with regulatory hurdles related to the launch of funds backed by Bitcoin and Ether.
The adoption of Bitcoin and digital assets in Japan is steadily gaining momentum. Tokyo-based company Metaplanet has adopted Bitcoin as a strategic reserve asset to hedge against Japan’s debt burden and the resulting volatility of the yen.
The company currently owns 855 Bitcoin, valued at approximately $56 million. Additionally, Metaplanet has announced the application of MicroStrategy’s BTC Yield strategy to evaluate how its Bitcoin acquisitions impact shareholder value.
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