Cryptocurrency ETF, simultaneous deregulation with tax reform?

The topic of cryptocurrency ETFs often draws attention to the question of "when will they be deregulated?", but the current focus is less on the timing itself and more on the "order".

If only the ETF is deregulated first, funds may naturally lean towards the ETF against the backdrop of the tax benefit of separate taxation, potentially disrupting the balance with the spot market. A situation where differences in systems influence investment decisions cannot be said to be healthy.

Moreover, if only overseas ETFs become available for purchase first, issues of capital outflow and investor protection also become realistic concerns. Considering these points, the current policy of advancing tax reform and ETF deregulation simultaneously seems to be a very natural judgment.

January 2028 is more of a milestone to finally stand on the same playing field rather than a goal.