The Financial Services Agency of Japan reported that it is considering the approval of the exchange-traded funds (ETFs) so in this blockchain news we find out more.
The financial watchdog is currently extremely interested in ETFs tracking cryptocurrencies after the agency decided to set aside the plans for crypto futures. The regulator also gave up the idea to revise Japan’s securities law.
The agency explained that the reason for that decision is due to the fact if products such as those are introduced on the market it will only increase speculation on the market.
Besides leaving their plans unresolved, the agency also hopes to cap the leverage that can be provided by exchanges and brokers and also hopes to give more power to the regulatory bodies and members. Some of the proposals that the FSA put forward regarding ICOs is the requirement of the ICO issuers to register with the agency.
Despite the fact that Japan has gone through plenty of the biggest crypto heists in the entire crypto world history, the financial agency is therefore extremely careful and is taking measures that will improve and strengthen the crypto sector.
In August 2018, the Financial Services Agency commissioner Toshihide Endo said that the sector should focus on promoting innovative solutions thus avoiding restrictive policies:
‘’We have no intention to curb [the cryptocurrency sector] excessively. We would like to see it grow under appropriate regulation.’’
The approach has given a step ahead over the rest of the world making Japan the world’s biggest crypto exchange market further than South Korea and the United States.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
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