What is the possibility of Bitcoin ETF in Japan?

On January 10, US Eastern Time, the US Securities and Exchange Commission (SEC) approved a Bitcoin ETF (Bitcoin Spot ETF). This is a long-awaited approval after each company’s application was rejected many times in the past, and it has been welcomed on social media in Japan as well. With the approval of Bitcoin ETFs in the United States, what impact will this have on Japan in the future, and will it be possible to handle Bitcoin ETFs in Japan? We asked Tomohiko Kondo, CEO of SBI VC Trade and chairman of the financial department of the Japan Crypto Asset Business Association (JCBA).

──How do you feel about the news of Bitcoin ETF approval?

That’s very positive news. Although this is a story in the United States, the number of market participants is expected to increase, including the entry of institutional investors, and we believe this will have a major impact on the Bitcoin price. It will also have a ripple effect on many crypto asset-related businesses, such as Bitcoin custody associated with the creation of ETFs.

──The crypto asset industry in Japan will also gain momentum.

Personally, I am looking forward to future developments in Japan. However, this approval of the Bitcoin ETF is only in the United States, and while we hope it will have a positive impact on Bitcoin and even crypto assets, we are only looking at it from the perspective of a bystander. .

On the other hand, when considering the possibility of a future Bitcoin ETF in Japan, we will be involved ourselves. In that case, the roles and positions of each player will differ, including not only crypto asset exchanges but also securities companies and asset management companies. The JCBA Financial Affairs Committee has taken the lead in making the necessary arrangements, taking into consideration each individual’s stance.

──What is the outlook for handling Bitcoin ETFs in Japan?

The JCBA Financial Affairs Committee has already begun to sort out the feasibility of establishing crypto asset spot ETFs in Japan, including legal regulations. With so many different players out there, what possibilities are there to deal with the huge existence of Bitcoin ETFs? We are in the process of sorting out what kind of amendments to laws and ordinances will be necessary.

There are many issues that need to be sorted out regarding the handling of crypto asset ETFs in Japan. For example, will it be possible to bring in a Bitcoin ETF created overseas like the one approved this time, or will a crypto asset ETF be created domestically? There is also the issue of taxation. ETFs are financial products and may be subject to separate taxation for individuals. On the other hand, physical crypto asset transactions are subject to comprehensive taxation, and naturally there will be calls for consistency.

──Will SBI Group handle Bitcoin ETFs?

The SBI Group would like to actively handle products that are beneficial to investors. The SBI Group is a comprehensive financial group, and in addition to SBI VC Trade, which is a crypto asset exchange business, there are various businesses within the group, including SBI Securities, and we aim to provide financial services to customers by leveraging our comprehensive strengths. oriented. I would like to steer the company in a way that is beneficial to investors and the industry in which I am involved.

｜Written and edited by Koki Mizuno
｜Top image: Shutterstock

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