Japan's mainstream financial institutions support the priority launch of Bitcoin and Ethereum ETFs

Some mainstream Japanese institutions said that discussions on allowing cryptocurrency exchange-traded funds should focus on major tokens such as Bitcoin and Ethereum, after the country considered whether to follow overseas actions to allow such instruments. The group, which includes major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges such as bitFlyer and brokerages such as Nomura Securities and SBI Securities, said in a set of proposals released on Friday that the huge market value and "stable performance record" of these cryptocurrencies make them suitable for investors to "accumulate assets in the medium and long term." It also called for a review of the tax system, including separate taxation of income. An official from the Financial Services Agency of Japan said last month that the agency will review its approach to crypto regulation, a move that could open the way to funding investments and lower taxes. The official warned that the review is inconclusive and may take some time to complete. Japan currently taxes cryptocurrency gains as much as 55%. (Bloomberg)