As reported in the beginning of the week edition of Sankei, the Japanese regulator Financial Services Agency (FSA) can consider the possibility of changing the legal basis for the regulation of stock exchange cryptocurrencies and the re-qualification of cryptocurrencies in financial products.
Such a decision would force the exchange to make a number of changes to its work and open the doors for the launch of the exchange-traded funds. Nevertheless, Bitcoin.com reports that this information was denied by the department.
“If such plans existed, they would be put forward for discussion by the research group. The agenda of the last four meetings of the group did not include this issue. This issue is not included in the agenda and is not currently being considered,” a source in the department said.
As the Impress Corporation explains, FSA holds regular meetings with experts, representatives of the financial industry and other market participants, where topical issues related to the regulation of cryptocurrencies are discussed.
Partner of the law firm Anderson Mori & Tomotsune Ken Kawai also doubted the authenticity of the original news.
“In the long term, this can happen, but not in the short term. However, the regulation of cryptocurrency derivatives, including futures, swaps and CFD, in accordance with FIEA can be implemented quite soon,” he said.
According to Sankei, FSA intended to regulate the exchange of cryptocurrency in accordance with the Law on Financial Instruments and Exchanges (FIEA), and not with the Law on Payment Services, which is applied now and puts the cryptocurrencies on one level with electronic money.