Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Tuesday, August 27, 2024, 10:45 am to 10:53 am)

Q.

Let me ask you about cryptocurrency exchange-traded funds (ETFs). In the United States, bitcoin ETFs were approved by the authority this January, and also in Japan, SBI Holdings, Inc. announced that it will establish a joint company with a US company, Franklin Templeton, and will start preparation for the provision of bitcoin ETFs. In Japan, bitcoin and crypto-assets are not eligible for investment trusts at present, but is there any possibility that cryptocurrency ETFs will be approved in Japan through legal amendments? Could you explain your view?

A.

As you mentioned, in order to develop an ETF in Japan, the investment trust scheme under the Act on Investment Trusts and Investment Corporations needs to be used basically.
However, under the current system, an investment trust using bitcoin or other crypto-assets as the major investment asset class is not allowed to be developed.
Investment trusts are specially positioned as a long-term and stable means for people's asset building, and the investment asset class therefor must be assets that make people's investments easy in light of such purpose of the system.
Accordingly, I think it necessary to carefully examine whether crypto-assets are in line with such purpose before approving bitcoin or other crypto-assets as the major investment asset class by revising the system.