The Tokyo Financial Exchange is moving towards Bitcoin derivatives, following the examples of its US counterparts – Chicago-based CME and CBOE.
According to Bloomberg, the exchange has introduced a working group set to study crypto and everything that revolves around it. It is typical for Japan to assemble working groups before creating legislation.
In the case of digital currency and related derivatives products, the listing will be hardly possible without dramatic changes to national security law. As soon as approval is received, Bitcoin futures contracts will become available on the Tokyo Financial Exchange.
Japan was one of the first global trading markets to recognise the digital currency as a legitimate way to make payments. To date, the country represents the biggest Bitcoin market, with almost half of Bitcoin trades denominated in yen.
The Bitcoin crown clearly belongs to Japan. But, will the country stay in the lead in terms of trading crypto futures?