Recent reports claiming SBI Holdings filed for ETFs including crypto assets were denied by the company.
No ETF Filings Yet, Says SBI Holdings
SBI Holdings has denied suggestions that it applied for two new ETFs—one combining gold and cryptocurrencies, and another pairing Bitcoin and XRP. A company spokesperson stated: 'Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets. The filing will be done after these legal revisions have been made.'
So, Why Is SBI Waiting?
The delay in filing comes as Japan's Financial Services Agency (FSA) moves to tighten and clarify crypto regulations. On June 24, the FSA proposed recognizing certain digital assets as financial products under the Financial Instruments and Exchange Act (FIEA). This change could bring stricter rules for token issuers and a clearer legal path for regulated crypto ETFs.
Retail First Approach
When the time comes, SBI plans to file through its subsidiary, SBI Global Asset Management, focusing initially on individual investors. The company aims to advocate for and promote the democratization of alternative investments. Japan has a long history with crypto, having legalized cryptocurrencies as payment methods in 2017.
For now, discussions about a Bitcoin-XRP ETF remain just rumors. However, if the regulatory framework is established, SBI could be poised to act quickly.
