SBI Holdings announced that it plans to introduce the first exchange-traded cryptocurrency fund in Japan, offering exposure to Bitcoin as well as XRP.
The company reported its quarterly earnings on Thursday. outlined A plan for the creation of two ETFs based on crypto assets. The first proposal is a bundle of crypto-asset ETFs with gold.
The company stated that this ETF would be allocated 51% to gold-based ETFs while 49% will go into crypto assets ETFs like Bitcoin ETFs. The company revealed that the investment trust will be made public in Japan.
Bitcoin (BTC) and Bitcoin Cash (BCH).BTCThe XRP currency (XRP). The company stated in the proposal that it plans to list the product at the Tokyo Stock Exchange (the largest exchange of Japan).
SBI will launch new products following regulatory approval
The company has stated that it plans to release the products “upon regulatory approval,” This could be a sign that the discussions with authorities are ongoing, but have not been finalized. The funds, if approved, would be the very first ETFs that are publicly available in Japan’s highly regulated financial markets.
SBI’s earnings report also mentions the Financial Services Agency’s (FSA) efforts to reclassify Crypto Assets in Japan. The products could be in development as a result of regulatory changes in Japan.
Despite media reports claiming a XRP-Bitcoin ETF was filed, the FSA has not yet been informed of the product or if it’s still at the planning stage.
Cointelegraph contacted the SBI Group for further information but received no response.
Related: XRP custody goes live for Korean institutions via BDACS amid ‘strong interest’
Japan’s financial regulator has proposed that crypto be reclassified
The FSA will be holding its annual meeting on June 24. proposed recognizing specific crypto assets As financial products, under the Financial Instruments and Exchange Act. The country could be able to introduce ETFs, and reduce crypto taxes.
Japan recognizes cryptocurrency as a payment method under its current laws. Payment Services Act. If approved, the FSA proposal will treat certain tokens as securities.
Magazine: China mocks US crypto policies, Telegram’s new dark markets: Asia Express
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Source: cointelegraph.com
