Bitcoin Futures On Tap For Tokyo Financial Exchangebr>
The Tokyo Financial Exchange (TFX) is starting preparations to launch bitcoin futures, following in the footsteps of some major exchanges in the US.
TFX is one of the biggest exchanges in Japan, but it is independent of the country’s main trading platform, the Japan Exchange Group Inc. It principally deals in financial instrument markets that handles securities as well as market derivatives. The exchange counts JPMorgan Chase & Co. and Barclays Bank Plc among its trading participants.
Tokyo Financial Exchange CEO Shoza Ohta said TFX is planning to create a working group to study cryptocurrencies in January. He added that the listing, which would become Japan’s first bitcoin-based financial product, requires changes to the country’s securities laws.
“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible,” said Ohta. “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.”
TFX’s plan to offer bitcoin-based financial product comes on the heels of Chicago-based CBOE confirming the launch of its bitcoin futures contracts on December 10.