According to TechFlow, on October 23, the Financial Times said that although the US, Hong Kong and other markets have approved spot cryptocurrency ETFs, Japanese regulators remain cautious. Oki Shiozawa, investment director of Sumitomo Trust Asset Management, said that the Japanese Ministry of Finance is generally skeptical about cryptocurrencies, and the Financial Services Agency is also conservative in approving financial products.

Keisuke Kimura, vice president of the Japan Crypto Asset Business Association, pointed out that Japanese law currently does not allow the inclusion of crypto assets in investment trusts (including ETFs). He stressed that to change the status quo, society needs to more widely accept that crypto assets can make a positive contribution to the asset formation of Japanese citizens.