The CEO of one of Japan’s largest exchanges says it will launch cryptocurrency futures “as soon as possible” once frameworks are in place.
Securities Law Only Barrier To Japan’s Bitcoin Futures
In the first major copycat move since the announcement by US regulators that futures could begin trading this month, booming Bitcoin market Japan will now study how it can follow suit.
“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible,” Tokyo Financial Exchange’s Shozo Ohta told the press late last week quoted by Bloomberg.
To achieve that, we will launch this working group to study various aspects, including bitcoin’s present status, its outlook, and what form it will take root in Japan’s society.
Lawmakers will specifically need to adjust securities legislation in order for Bitcoin products to launch. Meanwhile, the working group brings optimism of its own, Bloomberg noting such mechanisms generally preclude the successful introduction of the feature under review.
All Aboard The Futures Bandwagon
Bitcoin is still buoyant from the impending influx of Wall Street traders courtesy of Bitcoin futures by CMEGroup and CBOE.
News of the regulatory go-ahead saw prices immediately creep up $800, where subject to periods of volatility they remained, in the meantime heading to new all-time highs closer to $12,000.
Leveraging and even actively promoting consumer appetites for cryptocurrency has meanwhile seen Japan come to the forefront of trading and business activity this year. As of press time Tuesday, Japan held an over 50% global Bitcoin trading share.
The country now sports a plethora of licensed Bitcoin exchanges and is earmarked as an adopted home for the Chinese businesses forced to ship out due to ongoing hostile regulatory actions.
At the same time across the water, South Korea’s Shinhan Bank plans to be the first major financial institution to offer direct Bitcoin storage under a strategy announced late last month.
What do you think about Japan’s Bitcoin futures plans? Let us know in the comments below!
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