Their recommendations include the creation of crypto-focused ETFs and an overhaul of the tax system to introduce clear taxes on crypto earnings, with the aim of making the market more investor-friendly. It is.
A coalition of major Japanese financial institutions has called on the government to prioritize top cryptocurrencies such as Bitcoin and Ethereum if it decides to approve exchange-traded funds (ETFs) for digital assets. The group, which includes financial giants such as Mitsubishi UFJ Trust and Banking and Nomura Securities, on October 25 submitted a recommendation on the creation of a cryptocurrency-specific ETF, highlighting the importance of established tokens with significant market value. did.
In its proposal, the group called on Japanese regulators to review the country's tax system by proposing clear taxation of profits derived from cryptocurrencies. This request reflects the institution's belief that Bitcoin and Ethereum's established presence and stability can appeal to investors interested in building long-term wealth.
Despite the proposals, Japanese regulators remain cautious, with officials citing regulatory concerns and public skepticism following past issues such as the collapse of Mt.Gox. Nevertheless, some companies remain optimistic about the future of cryptocurrencies in Japan, as seen in partnerships aimed at expanding crypto services, such as SBI Holdings and Franklin Templeton. While Japan is debating, countries such as the US, Hong Kong, and Australia have already approved spot crypto ETFs, creating a trend that Japan may soon follow.
