The CEO of one of Japan’s largest exchanges announces it will launch cryptocurrency futures “as soon as possible” once legal frameworks are in place.
Tokyo Financial Exchange’s Shozo Ohta told the press late last week quoted by Bloomberg:
To achieve that, we will launch this working group to study various aspects, including bitcoin’s present status, its outlook, and what form it will take root in Japan’s society.
Legislators will need to adjust securities legislation for Bitcoin products to launch. Meanwhile, the working group brings the confidence of its own, Bloomberg noting such mechanisms preclude the successful introduction of the feature under review.
All Aboard The Futures Bandwagon
Bitcoin is still resilient from the imminent influx of Wall Street traders courtesy of Bitcoin futures by CMEGroup, CBOE, Nasdaq as reported on justcryptonews.com.
News of the regulatory go-ahead saw prices instantly creep up to $8000, were subject to periods of volatility they continued, in the meantime heading to new all-time highs closer to $12,000.
Leveraging and even actively promoting consumer appetites for cryptocurrency has meanwhile seen Japan come to the forefront of trading and business activity this year. As of press time Tuesday, Japan has over 50% global Bitcoin trading share.
The country now sports a plethora of licensed Bitcoin exchanges and is earmarked as an adopted home for the Chinese businesses forced to ship out due to ongoing hostile regulatory actions.
At the same time, in the not far far away, South Korea’s Shinhan Bank plans to be the first major financial institution to offer direct Bitcoin storage under a strategy announced late last month.
Financial institutions seem to be on a frenzy to get into the Bitcoin hype as soon as possible, having apparently missed the boat until now with various comments on Bitcoin and cryptocurrency in general, ranging from derogatory to outright calling it a bubble and a sham.