SBI Holdings has announced plans to launch Japan's first dual-asset cryptocurrency ETF that will include Bitcoin and XRP. This comes amid discussions about regulatory reforms in the country.
SBI's ETF Launch Plans
In its earnings report published on Thursday, SBI Holdings outlined plans to launch two crypto-based ETFs. The first product proposal combines gold and crypto asset ETFs, allocating 51% to gold and 49% to crypto assets like Bitcoin.
Regulatory Approval and Implications
SBI Holdings stated that it aims to launch the ETFs 'upon regulatory approval,' suggesting ongoing discussions with authorities. If approved, these funds would become the first crypto ETFs publicly offered in Japan's regulated financial market.
Reclassification of Cryptos in Japan
On June 24, the Financial Services Agency proposed recognizing certain crypto assets as financial products, which could pave the way for ETFs and lower crypto taxes. Currently, Japan treats crypto as a means of payment.
The launch of the dual-asset ETF on Bitcoin and XRP by SBI Holdings could be a significant step for Japan's cryptocurrency market if it receives regulatory approval. The reclassification of cryptocurrencies may lead to broader adoption of such financial products.
