The Tokyo Financial Exchange, one of Japan’s leading financial exchanges, is preparing to launch its own Bitcoin (Bitcoin) derivatives futures product, Cryptocoins News reported.
The institution will first create a working group to study and research cryptocurrencies before listing Bitcoin futures trading contracts, according to chief executive Shoza Ohta.
The listing, which would become Japan’s first Bitcoin-based financial product, requires changes to the country’s securities laws and the first step to that end would be the start of the working group leading toward drafting legislation, according to Ohta.
“Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible. 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,” Ohta told reporters in Tokyo.
The Tokyo Financial Exchange’s plans to launch Bitcoin product offering comes in the wake of Chicago-based CBOE confirming the launch of its Bitcoin futures contracts on Sunday, December 10. The Chicago-based rival CME, the world’s largest derivatives exchange, will integrate bitcoin futures into its exchange on December 17.