Bitcoin Falls; Japan Says No to Crypto ETFs

Investing.com – Cryptocurrency prices slumped on Monday, as Japan’s watchdog said it would not approve crypto exchange-traded funds.

Bitcoin fell 2.3% to $3,518.90 on the Investing.com Index, as of 8:36 AM ET (13:36 GMT).

Cryptocurrencies overall were lower, with the total coin market capitalization at $118 billion at the time of writing, compared to $122 billion on Sunday.

Ethereum,or Ether, slumped 6.1% to $116.31 and Litecoin was at $30.18 down 5.6%, while XRP slipped 3.6% to $0.31728.

Japan’s Financial Services Agency said on Monday that it was not considering approving ETF’s, after a report from Bloomberg cited a person familiar with the FSA said the regulator might approve the digital funds.

“There is no such fact that we are considering approving ETFs which track crypto-assets at present … we are not currently considering approving them,” an FSA spokesperson said to news outlet Bitcoin.com. The agency is also not considering listing Bitcoin futures on the financial instruments market.

Speculation over whether or not Bitcoin ETF’s are allowed remain in the U.S., where the U.S. Securities and Exchange Commission is still reviewing a number of applications from companies.

In other news, Denmark’s tax agency is now able to collect information on digital currency trades from exchanges, including names, addresses and personal tax numbers. The move is to ensure that citizens have paid taxes, the regulator wrote on its website, according to Bloomberg.

“Without going too far, I think one can say that this is a big market that we need to look at more closely,” Karin Bergen, a director at the agency, said in a statement.

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