Japan’s top financial regulator said the decision to approve crypto-based exchange-traded funds needs to be approached with caution.

While Japan has yet to approve crypto ETFs, the U.S., Hong Kong and Australia have all recently given the go-ahead to such products.

The boss of Japan’s Financial Services Agency (FSA) said “cautious consideration” needs to be given to the decision of approving crypto-related exchange-traded funds (ETFs), Bloomberg reported.

Many people believe crypto assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner,” FSA commissioner Hideki Ito said in an interview with the financial news organization.

Japan has been a global leader in regulating stablecoins – digital currencies whose value is pegged to a real-world asset – and Web3. It was among the first countries to regulate crypto assets, even if that was followed by stiff consumer protection laws after the collapse of crypto exchange Mt Gox.

While Japan has yet to approve crypto ETFs, the U.S., Hong Kong and Australia have all recently given the go-ahead to such products.

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