Financial Giant SBI to Launch Japan’s First Crypto Fund
One of Japan’s largest financial conglomerates, SBI Holdings Inc is launching a cryptocurrency fund by the end of November. As reported by Bloomberg on Thursday, it will be the country’s first crypto fund.
Tomoya Asakura, director of SBI Asset Management and president of SBI affiliate Morningstar Japan, said that the fund will invest in a number of cryptocurrencies, including Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin:
“I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios.”
The fund is aimed at customers who understand the risks associated with cryptocurrencies, including their high volatility, the executive added there will be a minimum investment of about one million yen to three million yen ($9,100-$18,300).
Plans to expand their operations are already in the making. Asakura noted that if their first fund “goes very well,” they will “move quickly” to launch other products. He noted that if demand is there, a fund specifically tailored to institutional investors will be available.
A leading role in cryptocurrency adoption
SBI is keen on taking a leading role in the country to spur the crypto adoption among its citizens. Asakura noted that “there is an overwhelming perception that cryptocurrencies are highly volatile and speculative,” and plans to show the public and regulators that cryptocurrencies can actually help investors diversify their portfolios and secure their wealth.
Japan is subject to strict crypto regulations following hacking incidents at exchanges in the country. Amidst these regulations, it took SBI four years of preparation to get its crypto fund off the ground. Although SBI initially planned to launch its crypto fund as an investment trust, a popular investing method in Japan, it had to change its plans. With the country’s top financial regulator, the Financial Services Agency (FSA), banning companies from selling crypto investments this way, SBI will offer its crypto fund to investors by means of an “anonymous partnership.”.
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Author: Peter Siu