Japan FSA Remains Cautious on Bitcoin ETFs

The Japanese Financial Services Agency (FSA) commented Bitcoin lack intrinsic value which could exposed itself to price volatility. The FSA expressed its view on cryptocurrencies during the finance committee of the upper house of the National Diet on 30 May, as reported by Cointelegraph Japan.

The Japanese politician Takeshi Fujimaki expected the crypto-based ETF would finally be approved in the United States and he explained that such crypto assets can attract institutional capital inflow, thus facilitate the market growth and reduce price volatility. He also addressed that such crypto product is essential to Japan’s development and Japan should not be left behind to the rest of the world.

A representative from FSA disagreed with Takeshi’s view and said that cryptocurrencies such as Bitcoin have no intrinsic value, which is exposed to price volatility. Takeshi in response said that ETF can reduce volatility by making investment into assets easier.

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