One of Japan's leading stock exchange companies begins preparations to introduce Bitcoin derivatives in the financial market. In doing so, they are responding to overseas rivals who are planning to launch Bitcoin futures later this year. The speculation with the cryptocurrency is thus paving the way.
Tokyo Financial Exchange Inc., which works with, among others, JPMorgan Chase and Barclays Bank, plans a working group dedicated to cryptocurrency for January , according to Bloomberg . According to Chief Executive Officer Shozo Ohta, they want to get on with the planned working groups until they can submit the relevant law allegations. In Japan, setting up such work groups is often the first step in changing the law.
"As soon as cryptocurrencies from the Financial Instruments and Exchange Act are recognized as financial products, we will register futures as soon as possible. In order to achieve that, we will launch this working group to shed light on different aspects of the issue. These include the current status of Bitcoin, its future prospects and what forms it will adopt in Japanese society. "
The Financial Instruments and Exchange Act, to which Ohta refers, is a 2006 law that regulates the regulation of securities and other financial products. The local classification by the working groups will thus regulate the legal status of cryptocurrencies in Japan. In addition, one wants to achieve by setting up Bitcoin derivatives. Derivatives are financial instruments designed, among other things, to protect against losses due to price fluctuations. Thus, for example, they are adjusted as futures to speculative objects and finally the existing stock exchange and financial system.
Japan remains positive towards Bitcoin & Co.
Japan joins this approach not only the stock exchange colleagues from the United States and the United Kingdom. Rather, the state in the Pacific continues a policy that recognizes the potential of Bitcoin & Co. and wants to use for themselves. Not only was it in September with the J-Coin moves forward to bring out a state cryptocurrency. Rather, licenses for stock exchanges were distributed in China as part of the numerous bans . Therefore, many crypto exchanges have moved their headquarters from China and Japan dodged .
This is finally reflected in the statistics . At just over 50%, the Japanese yen accounts for the largest share of Bitcoin's trading volume. In the next places follows the US dollar with just under 25% and the South Korean won with 9.4% (as of 05.12.2017).