Japan is moving closer to allowing Bitcoin ETFs, with a first product potentially arriving in 2028 if regulatory reforms move forward. Approved amendments place crypto assets under the Financial Instruments and Exchange Act, allowing investment funds to directly hold digital assets. The Financial Services Agency estimates these ETFs could attract up to 3 trillion yen by fiscal year 2028. The new rules also impose stricter penalties, with maximum prison terms increased from three to ten years and fines raised to 10 million yen for unregistered crypto operators.
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