May 30, 2024 02:33 PM

FINANCE

Japan’s Path to Bitcoin ETFs Lined With Obstacles

By Kensuke Yuasa

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Bitcoin ETFs must first be approved under the country’s investment trust law, which specifies what trusts can put money into. Photo: VCG

Bitcoin ETFs must first be approved under the country’s investment trust law, which specifies what trusts can put money into. Photo: VCG

(Nikkei Asia) — Japan appears hesitant to scale the tax and other hurdles that stand in the way of approving exchange-traded funds (ETFs) that track bitcoin prices despite growing expectations in the cryptocurrency industry.

The tension between regulators and the financial sector comes after the U.S. approved the first bitcoin ETFs in January. Among them, an ETF managed by BlackRock Inc. has amassed $16.5 billion worth of bitcoins.

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