SBI reportedly looking to launch crypto fund in Japan by December

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Japanese financial conglomerate SBI Holdings plans to create one of the country’s first funds to offer investors exposure to crypto.

According to a Bloomberg report on Thursday, SBI, which aims to have a crypto fund by the end of November, will offer residents of Japan the option of investing in Bitcoin (BTC), Ether (ETH), Bitcoin Cash ( BCH), Litecoin (LTC), XRP and others. Tomoya Asakura, director and chief executive of SBI, said the company could see the fund grow to several hundred million dollars, with investors likely required to deposit a minimum of 1-3 million yen, or 9,093-27,279. dollars at the time. publication.

I want people to hold on [crypto] with other assets and first-hand experience how useful it can be in diversifying portfolios, Asakura said. He added that SBI would consider launching a second crypto fund based on the success of the first.

The crypto fund would potentially be launched amid the country’s financial watchdog, the Financial Services Agency or FSA, not allowing companies to operate crypto investment trusts. The regulator also requires mandatory national registration for crypto exchanges and the licensing of platforms seeking to operate in Japan.

According to Asakura, he will strive to show the Japanese public and the FSA that cryptocurrencies can be part of a well-balanced investment portfolio rather than highly volatile and speculative assets as many believe. SBI has been working for four years on launching the crypto fund, which it now plans to do using an anonymous partnership with an investor who agrees to provide capital to SBI, an arrangement sometimes used for private equity funds in Japan.

[People] will understand that we are not recommending cryptocurrencies as a tool for speculation, Asakura said.

Related: SBI Seeks To Create Crypto Joint Ventures With Foreign Firms

Japanese regulators have reportedly hired more staff to develop stricter global rules for digital currencies. Cointelegraph reported in July that the country’s finance ministry is considering adding experienced regulators in a bid to scrutinize the crypto and blockchain industry around the world, while the FSA has already created a new unit. to oversee the regulation of digital currency.

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