PANews reported on October 25 that Japan is considering whether to follow overseas initiatives and allow ETFs to invest in cryptocurrencies. Some Japanese companies said that the discussion should focus on major tokens such as Bitcoin and Ethereum. Organizations including major trust banks such as Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges such as bitFlyer, and brokerage firms such as Nomura Securities and SBI Securities have put forward a series of proposals, arguing that the huge market value and "stable returns" of these cryptocurrencies make them suitable for investors to accumulate assets in the medium and long term. In addition, the proposal also calls for a review of the tax system, including the separation of income taxation. So far, Japanese regulators have taken a more cautious approach. Japanese Financial Services Agency officials said last month that the agency will review its approach to cryptocurrency regulation, an assessment that has no set conclusions and may take some time to complete.