Japan's top financial regulator is hesitant to approve a cryptocurrency ETF

The head of Japan's financial regulator has said there needs to be "careful consideration" when deciding whether to follow Hong Kong and the US in approving crypto-linked exchange traded funds. Hideki Ito, director-general of Japan's Financial Services Agency, said in an interview that many people believe crypto assets "do not necessarily contribute to the creation of wealth for the Japanese people in a stable and long-term manner". Mr. Ito, who took office in July, said other countries had taken a more "conservative stance" on cryptocurrency investments by retail investors.
Mr. Ito said the agency wanted to maintain a "pro-technology stance" and would not rule out cryptocurrency ETFs altogether, adding: "However, there are some things we need to consider in terms of whether the public should be encouraged to invest in these products."