SBI Group unveils plans for Japan’s first Bitcoin-XRP ETF

Japanese financial giant SBI Holdings has revealed plans to launch the country’s first dual-asset cryptocurrency exchange fund (ETF) and offers risks to Bitcoin and XRP.

In Thursday’s earnings report, the company Overview Plans for two encryption-based ETF products. The first product proposal shows that gold and crypto asset ETFs are bundled into a trusted combination.

According to the company’s data, this will be allocated to gold-based ETFs, which split 49% into crypto-distributed ETFs, such as Bitcoin ETFs. The company stated that this will be open as a Japanese investment trust.

The second product proposal combines two top cryptocurrencies, Bitcoin (BTC) and xrp(XRP). The company stated in its proposal that they plan to list the product on the Tokyo Stock Exchange, Japan’s largest stock exchange.

SBI launches products after regulatory approval

The company said it aims to launch the product “with regulatory approval”, which suggests that discussions may be ongoing but have not yet been finalized with authorities. If approved, these funds will be the first crypto ETF publicly provided by Japan’s strictly regulated financial markets.

In its earnings report, SBI also referred to the Financial Services Agency (FSA) efforts to reclassify Japan’s crypto assets, suggesting that these products may be under development in preparation for a shift in the country’s regulatory framework.

Despite news reports that the XRP-Bitcoin ETF has been submitted, it is not clear whether these products have been submitted to the FSA or are still in the pre-apply and planning stages.

Cointelegraph contacted SBI Group and FSA for more information, but received no response through the publication.

Related: XRP custody is enabled for Korean institutions in “strong interest” through BDAC

Japanese financial regulator proposes reclassification encryption

June 24, FSA It is recommended to know specific crypto assets As a financial product of the Financial Instruments and Exchange Act (FIEA), the bill governs traditional financial products in the country. This could pave the way for the country’s ETFs and lower crypto taxes.

Japan currently treats cryptocurrencies as payment method under the country Payment Service Law. If the FSA proposal is approved, it will be considered a securities.