SBI Holdings announced that it has not submitted any applications for cryptocurrency ETFs and is waiting for necessary regulatory changes from Japanese authorities.
Clarification from SBI Holdings
A representative of SBI Holdings confirmed that the company has not submitted any applications for ETFs related to crypto assets, contradicting earlier media reports. The ETF plans remain in a preliminary stage. The financial arm of the firm, SBI Global Asset Management, is targeting individual investors with the aim of promoting alternative investments once Japan's financial regulators complete necessary legal revisions.
Regulatory Changes in Japan
Japan's Financial Services Agency (FSA) is still reviewing regulations to potentially include certain crypto assets under the Financial Instruments and Exchange Act (FIEA). This step is critical before any official application for crypto-backed ETFs can be filed. The prospective launch of ETF products marks a significant shift for SBI, aiming to expand into alternative assets once regulatory prerequisites are cleared.
Impact on Bitcoin and XRP Market
The proposed inclusion of XRP in a Japanese ETF would mark the first for the nation, as no existing ETF combines Bitcoin and XRP. Bitcoin (BTC) currently holds a market cap of $2.33 trillion with a price of $116,873.43 and a 24-hour trading volume of $69.63 billion. Insights highlight the importance of Japan's regulatory environment in shaping SBI Holdings' ETF plans, as regulatory clarity will significantly impact Japan's financial and crypto sectors.
SBI Holdings remains a focal point for regional crypto market developments. The anticipation of regulatory updates continues to shape investor expectations for the future of crypto ETFs in Japan.
