Japan’s FSA May Look to Approve an Exchange Traded Fund After Rejecting Futures
By Jamie Green – Crypto Broker
Plans have been abandoned by Japan’s financial watchdog to permit listed by-products on cryptocurrencies, although approval of Exchange Traded Funds (ETF) that follow the asset have been discussed to be likely as reported by Bloomberg. This could be a setback for investing in cryptocurrency if the decision is not to allow digital currencies to have these offshoots. The option of the ETF to reopen this possibility relates to the $500 million that was stolen a year ago from Coincheck Inc, based in Tokyo.
Regulators voted against revisions to the nation’s security law last month according to a contact familiar with the Financial Services Agency (FSA). This would have allowed the future of these assets to be listed on major financial exchanges to buy and sell crypto, after their conclusion was the products would result in little apart from speculation.
The FSA announced last month that it had decided to oversee the power of self-regulatory bodies, put initial coin offerings in the spotlight of its securities law and cap leverage which crypto brokers can offer. This position came after an internal investigation of why the FSA failed to stop the Coincheck theft.
According to exchange data, Japan’s decision to not pursue plans for crypto derivatives relates to Cboe Global Markets Inc. and CME Group Inc. listing futures tracking Bitcoin. They have attracted growth but limited interest from institutional investors. ETFs could help give crypto selling and buying more legitimacy for some investors and making it available to people that have a brokerage account.
Switzerland led the way with the first product called Amun Crypto Basket Index ETP which listed in November under HODL. It has since attracted $6 million and averages less than $1 million turnover daily. If an ETF was listed to the Japanese stock market it could entice much more interest to exchange Bitcoin.
Ensure you keep up to date with the latest news in the crypto world by heading over to our platform. You can also cash out crypto so check it out!
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards