A coalition of Japanese companies has proposed that discussions regarding the establishment of crypto ETFs should focus on major tokens such as Bitcoin and Ether.

Japanese business coalition proposes focusing on major tokens for upcoming crypto ETF discussions

A coalition of Japanese companies has proposed that upcoming discussions regarding the establishment of crypto ETFs should center around major tokens such as Bitcoin and Ether.

This initiative comes as Japan considers whether to align its regulations with international moves to permit these financial instruments. The group includes prominent institutions such as Mitsubishi UFJ Trust and Banking Corp, brokerages like Nomura and Daiwa Securities, and crypto exchanges such as bitFlyer—the largest crypto exchange in Japan—and Bitbank.

They emphasized Bitcoin and Ether’s large market capitalizations and stable track records, which make these digital assets suitable for investors seeking to build assets over the medium to long term. Their proposals were published on Friday and also called for a review of the taxation framework on crypto assets, particularly advocating 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 regarding the launch of funds backed by Bitcoin and Ether. However, the launch of these ETFs has also sparked concerns among some regulators over the potential risks involved in these financial instruments.

In related news, the Japanese government is reportedly planning to introduce legislation during the upcoming ordinary session of the Diet to pave the way for the launch of crypto ETFs in the country. This move follows the Financial Services Agency’s (FSA) announcement last year that it would begin accepting applications for crypto ETFs in 2023.

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