Japanese financial services group SBI Holdings rejected media reports that the company has applied for crypto-related exchange-traded funds (ETFS).
Media reports released on Wednesday that SBI has submitted ETF applications for two products: dual gold and crypto ETFs and dual Bitcoin (BTC) and xrp(XRP)
These stories cite the company’s earnings reports. But, as Cointelegraph reports, The earnings report has not been clearly confirmed Whether any application has been submitted.
In a statement to Cointelegraph on Friday, SBI representatives clarified:
“In contrast to some media reports, we have not made any application to institutions to form ETFs related to crypto assets.”
“It is only in the planning stage,” the SBI representative added.
SBI Holdings says it is awaiting regulatory updates
On June 24, Japan Financial Services Agency (FSA) It is recommended to know specific crypto assets As a financial product of the Financial Instruments and Exchange Act (FIEA), the rules applicable to traditional financial instruments and securities.
As Japanese regulators are still considering the classification of encryption, an SBI representative told Cointelegraph that the ETF file will appear later.
“In Japan, ETFs that are expected to include crypto assets are approved in a manner consistent with the responses of financial authorities and tax authorities,” the representative said. “Therefore, applications will be made after these laws are made.”
Related: Circle says USDC Stablecoin has been approved for use in Japan
No timetable for encrypted ETFs yet
The representative added that due to the current regulatory framework, they have not yet determined a specific timetable for submitting encrypted ETF applications.
The company did confirm that the application would come from SBI Global Asset Management, a subsidiary of SBI Holdings.
When asked if ETFs can be used for retail or institutional investors, the company said the company plans to target individual investors first.
The representative said the company “advocated and promoted the democratization of alternative investments”.
SBI added that all disclosures about ETF plans are limited to information that appears in their earnings introductions.
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