Japan should create a legal framework for trading cryptocurrency exchange-traded funds (ETFs), the ruling Liberal Democratic Party (LDP) said, according to a Reuters report on Monday.
A party panel on promoting blockchain technology submitted the proposal to Finance Minister Satsuki Katayama, also saying the state should promote usage of yen-based stablecoins.
“Crypto-ETFs would provide investors with easy-to-understand ways of investment,” the proposal said, according to Reuters’ report.
The country’s cabinet approved a draft amendment to classify crypto as a financial product in April, having previously treated it as a payment tool.
Japan would be joining other major markets such as the U.S. and Hong Kong in offering ETFs as a means to…
