Japan is considering following the US and other countries by approving crypto ETFs. A group of major Japanese financial players has made a big push for this, recommending that Bitcoin and Ethereum be the first to get the green light.
Why Bitcoin and Ethereum?
This group believes that Bitcoin and Ethereum are the best choices for ETFs because they are:
- Well-established: They have a long track record and large market caps.
- Reliable: They are considered the top players in the crypto market.
- Good for long-term investment: They are seen as solid assets for building wealth over time.
Tax Reform and Regulatory Review
The group also wants Japan to rethink its crypto tax policies. The current 55% tax on crypto profits is seen as a major hurdle for investors. They suggest that a separate tax structure for crypto income could make Japan a more attractive place for digital currency investment.
Who’s Pushing for Change?
The group pushing for these changes includes some of Japan’s biggest financial players, like:
- Mitsubishi UFJ Trust and Banking Corp.
- Sumitomo Mitsui Trust Bank Ltd.
- bitFlyer Inc. (a crypto exchange)
- Nomura Securities Co. and SBI Securities Co. (brokerage firms)
Japan’s financial regulators are reviewing their crypto policies, but it’s unclear when they will make a decision. This coalition’s recommendations could have a big impact on the future of crypto investment in Japan. /p>
