In a significant move that could reshape the cryptocurrency landscape in Japan, BitFlyer Holdings Inc. has announced the acquisition of FTX Japan, making it a wholly-owned subsidiary. This strategic acquisition aims to fortify BitFlyer’s market position and pave the way for launching crypto exchange-traded funds (ETFs) in Japan. According to CEO Yuzo Kano, this development is expected to attract considerable institutional investment, potentially setting new standards in the Japanese crypto industry.
BitFlyer Acquires FTX Japan Amid Expansion in Crypto in Japan
The recent FTX disaster has provided opportunities for strategic acquisitions to occur. This acquisition of FTX Japan by BitFlyer aims to strengthen and develop its technology arm. According to reports, this acquisition is significant for BitFlyer, especially in its bid to diversify its products in the crypto market, such as the exchange-traded funds (ETFs) designed explicitly for the crypto market.
Kano was optimistic that the Crypto ETFs could grow. He said, “The United States received a significant amount of institutional money after listing Bitcoin ETFs.” Kano expects the same pattern to happen in Japan to boost investment.
This acquisition marks a pivotal moment for BitFlyer in the Japanese crypto market. By acquiring FTX Japan, BitFlyer sets the stage for introducing Crypto ETFs in Japan, which could significantly enhance institutional investment. According to officials, the emphasis on ETFs is expected to increase the value of core cryptocurrencies, similar to trends observed in the US market. By mid-February, Bitcoin ETFs constituted about 75% of the new investments in Bitcoin. Such ETFs not only increase investment but also enhance the liquidity and stability in the crypto market.
Franklin Templeton, SBI Launch Crypto ETF Venture
In a new collaboration, Franklin Templeton will team up with SBI Holdings to launch a crypto ETF management company. On July 26th, the parties signed a Memorandum of Understanding to launch a partnership that will provide a broad range of investment products, starting with Japan’s first spot crypto ETF. If it gets the green light from regulators, the venture is an excellent match for Japan’s current and future legal framework for digital assets.
The attempts to define the legal framework for the use of digital assets are gradually becoming more active. The web3 project team of Japan’s Liberal Democratic Party held its ‘DAO Rulemaking Hackathon’ to answer the questions and concerns of different actors. It has presented them to the Finance Minister, including the necessary recommendations for future legal acts.
Additionally, in June 2017, the National Tax Agency conducted a significant reform of taxation laws and excluded the issuers of crypto tokens from paying the 30% tax on unrealized gains. The Japanese Prime Minister, Fumio Kishida, has supported this policy to raise the level of Japan’s blockchain and cryptocurrency industries within his vision of the new type of capitalism.
BitFlyer Aims to Lead in Crypto Services
FTX Japan, now under BitFlyer Holdings, could change the face of cryptocurrency in Japan. Kano’s vision of turning BitFlyer into a public service infrastructure for the industry could make the company a significant player in the market. According to data, BitFlyer will strengthen its position and develop new functionalities in the crypto industry sphere through this acquisition.
Crypto ETFs are expected to be launched in Japan in the coming months, just like in the US market. This will benefit institutional investors because they will gain stability and precise regulation from these ETFs. These investments are significant for developing and evolving the cryptocurrency market in Japan.
Conclusion
Crypto in Japan is indeed on fire with BitFlyer’s latest move, setting new standards and potentially shifting market dynamics. This strategic acquisition and the anticipated introduction of Crypto ETFs signal a promising future for the Japanese crypto market. With substantial institutional investment and a more stable and liquid market environment on the horizon, Japan’s position as a significant player in the global cryptocurrency landscape is poised to strengthen. As the country continues to develop its regulatory framework and embrace digital assets, the impact of these developments will likely be profound, shaping the future of crypto in Japan for years to come. Stay tuned to TurkishNY Radio for the latest updates and expert insights.”
