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Reports suggest that Japan is exploring Bitcoin and other virtual currency exchange-traded funds

Reports suggest that Japan is exploring Bitcoin and other virtual currency exchange traded funds

The whole cryptocurrency world is dependent on US Securities and Exchanges Commission (SEC) as they eagerly wait for the approval of a Bitcoin Exchange Traded Funds (ETF) by them. Although the SEC has maintained its reluctant stance over the digital currencies, there are plenty of countries that believe in the potential of the Bitcoins and are exploring the possibilities and benefits that a Bitcoin ETF has set up. Japan is the latest country to adopt the digital currencies and look into the possibilities it holds.

Bloomberg has reported that the regulatory body of Japan is thinking of approving the exchange traded funds which would track the asset class. This move could be considered as a game changer from Financial Services Agency (FSA) as the regulatory body of Japan had recently decided to vote against the approval of cryptocurrencies.

FSA has also taken many more steps for regulating the cryptocurrency space in the wake of CoinCheck which had resulted in a loss of over $534 million. The CoinCheck hack was the biggest hack and the report stated:

"The conclusions would serve like a backbone for a bill the Liberal Democratic Party is going to submit in the current Diet session which will be ending in 2020."  

The report also suggested that most likely a few more changes would be taking place in the bill and in Payments Services Bill. Along with Japan, there are many more countries that have pushed for an ETF. Last year, Switzerland became the first country to approve an ETP.