Tokyo Financial Exchange which is one of Japan’s leading exchanges announced their plans for offering Bitcoin Futures at the start of 2018 with some high-value partners like the Barclays and JP Morgan Chase as lead partners.
In the announcement, it was suggested that the exchange would put together a group of professionals to critically study cryptocurrencies in general and their potentials for futures come January 2018. Setting up this team of professionals is the first step towards the final action and is a solid signal for public adoption since it’s coming after approval by the legislation.
In the exact words of Mr. Shozo Ohta who is the CEO of the Tokyo Financial Exchange, he says:
“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible. 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.”
This announcement is on a par with Japan’s earlier move towards approving Bitcoin and other cryptocurrencies. Japan was one of those who first accepted Bitcoin as a legal way of making payments.
Japan currently has the world’s largest Bitcoin market in the world with about half of total Bitcoin trades world over being traded for the Japanese Yen.