Dec. 5, 2017 (The Ferowich Report) — A leading Japanese financial exchange plans to launch bitcoin futures “as quickly as possible” once the necessary procedural steps are completed, mirroring recent moves by major exchanges in Chicago and New York.

The Tokyo Financial Exchange (TFX) announced plans to create a working group on cryptocurrencies late last week. The working group is expected to produce reccomendations to Japan’s legislature for how securities laws need to be modified to accomodate bitcoin futures contracts.

Japan legalized bitcoin as a valid method of payment in the nation in April, a sign many interpreted to mean that Japan would be one of the most progressive nations in the world for bitcoin.

Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possibe,” TFX chief executive Shozo Ohta told reporters Dec. 1.

“To achieve that, we will launch this working group to study various aspects, including bitcoin’s present status, its outlok,m and what form it will take root in Japan’s society,” the head of the exchange added.

The exchange provides an avenue for financial institutions to trade interest rate futures, foreign exchange futures, and equity index daily futures contracts, according to its corporate website. Goldman Sachs, JP Morgan, and Barclays have memberships to trade at the exchange.

About 58 percent of all bitcoin traded into fiat currency over the past 30 days was converted into Japanese yen, according to data.

Refresher: Bitcoin futures will be available at the Chicago Board of Exchange starting Dec. 5 and the Chicago Mercantile Exchange on Dec. 18. The two Chicago exchanges beat New York exchanges to the punch.

While Nasdaq announced Nov. 29 BTC futures would be listed in early 2018, the owner of the New York Stock Exchange said “we may be stupid for not being first” to list cryptoasset derivatives on Tuesday while speaking at an investor conference in New York.