The Tokyo Financial Exchange, one of Japan’s largest financial exchanges, has announced that it will begin preparations for Bitcoin futures in early 2018. The company has high-value business partners such as JP Morgan Chase and Barclays. .
The announcement suggests that the exchange will build a working group to study cryptomonnaies and the potential for futures in January. The working group is the first step towards final action and is generally a strong signal for adoption as it preceded the legislation for approval. According to CEO Shozo Ohta:
“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list futures as soon as possible, and we will launch this working group to look at , including the current status of Bitcoin, its prospects and how it will take root in Japanese society. ”
The announcement is in line with previous Japanese initiatives to adopt bitcoin and other cryptocurrencies. The country was one of the first to recognize Bitcoin as a legal payment method and was open to growing change. At present, Japan is the largest Bitcoin market in the world, with about half of all Bitcoin trades denominated in Yen.