Financial giant SBI plans to launch Japan’s first digital asset fund

According to a Bloomberg report on Thursday, Japanese financial group SBI Holdings plans to launch the first cryptocurrency fund for long-term retail investors before the end of November this year, and will provide Japanese residents with Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH), Litecoin (LTC), XRP and other investment exposures.

SBI Director and Senior Executive Officer Tomoya Asakura said that the company may see the fund grow to hundreds of millions of dollars, and investors may need to invest at least about 1 million yen ($9,100) to 3 million yen, mainly for understanding crypto People with currency-related risks (such as large price fluctuations).

Asakura said in an interview: “I hope people will combine it with other assets and experience firsthand the effect it has on diversifying investment portfolios.” He said, “If our first fund goes well, we are willing to act quickly. To create a second fund.”
Although the regulation of cryptocurrency business is stricter than in many other countries, digital assets are becoming more and more popular in Japan. Data from an exchange association shows that Coinbase, the largest cryptocurrency exchange in the United States, recently launched a local trading platform. In the first half of 2021, cryptocurrency trading volume more than doubled from the same period last year to 77 trillion yen.

It took SBI four years to launch the fund, partly because of tightened regulations in response to hackers and other domestic scandals. Japan’s financial regulator, the Financial Services Agency (FSA), prohibits companies from selling cryptocurrencies through investment trusts. It also requires crypto exchanges to register nationwide and issue licenses for platforms that wish to operate in Japan.

The company decided to use a method called “anonymous partnership” to cooperate with investors who agreed to provide funds to SBI.

Asakura said: “People generally believe that cryptocurrencies are highly volatile and speculative.” He said that his job is to establish a “record” to show the public and regulators that investors can gain more money by adding cryptocurrencies. Flexible investment portfolio.

He said that cryptocurrency funds can be “satellite” assets in a portfolio, rather than assets that are considered “core”, which will help improve overall returns. He added that if there is enough demand, SBI is willing to launch another fund specifically designed for institutional investors.

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Post time: Sep-03-2021