Japanese financial giant SBI Holdings has announced plans to launch a fund (ETF) traded on the country’s first dual-asset cryptocurrency exchange exposed to both Bitcoin and XRP.
In its revenue report on Thursday, the company outlined plans for two crypto-based ETF products. The first product proposal shows a trust-bound combination of gold and crypto assets ETFs.
According to the company, this allocates 51% to gold-based ETFs and 49% to crypto assets ETFs, like Bitcoin ETFs. The company has shown that this will be made public as a Japanese mutual fund.
The second product proposal combines the top two cryptocurrencies, Bitcoin (BTC) and XRP (XRP). The proposal indicated that the company plans to list the product on the Tokyo Stock Exchange, Japan’s largest stock exchange.
SBI launches products upon regulatory approval
The company said it aims to launch the product “on regulatory approval,” suggesting that while debate continues, it has not yet been finalized with the authorities. If approved, the funds will be the first crypto ETF to be published in Japan’s strictly regulated financial markets.
In its revenue report, SBI also mentions the efforts of Financial Services Agency (FSA) to reclassify Japanese crypto assets, suggesting that products may be in development in preparation for changes in the domestic regulatory framework.
Despite news reports claiming that the XRP-Bitcoin ETF has been filed, it remains unclear whether the product has already been proposed to the FSA or whether it is still in the pre-filing and planning stages.
Cointelegraph contacted the SBI Group and the FSA for more information, but did not receive a response from the publishing.
Related: XRP custody rights will be published for Korean institutions via BDACS in “strong interest”
Japanese financial regulators proposed to reclassify crypto
On June 24, the FSA proposed to recognize certain crypto assets as financial instruments under the Financial Instruments Exchange Act (FIEA), which manages traditional financial instruments in the country. This could pave the way for a lower domestic ETF and crypto tax.
Japan currently allows crypto as a payment instrument under the national payment services law. If the FSA proposal is approved, certain tokens will be treated as securities.
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