A futures exchange in Tokyo is reportedly taking the first steps toward launching bitcoin-related products.

Bloomberg News said earlier today that Tokyo Financial Exchange has formed a working group as part of an early effort to start listing futures contracts based around the cryptocurrency. As the news service explained, this would constitute a first step toward pushing for a change in Japanese national law that would clear the runway for a bitcoin future.

The disclosure came on Dec. 1 during a press conference held by CEO Shozo Ohta, during which he said that the exchange would seek to move quickly pending regulatory approval.

Ohta said at the time:

“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.”

That the exchange would move to even explore the launch of bitcoin futures is perhaps unsurprising, given the efforts of firms like CME Group and CBOE to create such products in the U.S. As previously reported, trading of CBOE’s future is expected to begin late Sunday, with CME commencing with their own roughly a week later.

Disclosure: CME Group has an ownership stake in Digital Currency Group, CoinDesk’s parent company.

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