Japan's financial giant SBI Holdings plans to launch the country's first dual-asset cryptocurrency exchange-traded fund (ETF), providing investment exposure to Bitcoin and XRP.
In its financial report on Thursday, the company outlined plans for two cryptocurrency-based ETF products. The first product proposal combines a gold and cryptocurrency asset ETF into a trust product.
According to the company, this will allocate 51% to a gold-based ETF and 49% to a cryptocurrency asset ETF, such as a Bitcoin ETF; this will be publicly offered in Japan as an investment trust.
The second proposal combines the two leading cryptocurrencies, Bitcoin (BTC) and Ripple (XRP). The company plans to list this product on Japan's largest securities exchange, the Tokyo Stock Exchange.
The company stated that it aims to launch these products "after obtaining regulatory approval," suggesting that discussions with authorities may be ongoing. If approved, these funds would become the first publicly offered cryptocurrency ETFs in Japan's strictly regulated financial market.
In the financial report, SBI also mentioned the Financial Services Agency's (FSA) efforts to reclassify Japanese crypto assets, implying that these products may be in development in preparation for the country's regulatory framework shift.
Although news reports claim that an XRP-Bitcoin ETF application has been submitted, it remains unclear whether these products have been formally submitted to the FSA or are still in the pre-application and planning stages.
Cointelegraph reached out to SBI Group and the FSA for more information but had not received a response by the time of publication.
On June 24, the FSA proposed to classify certain crypto assets as financial products under the Financial Instruments and Exchange Act (FIEA), which governs traditional financial products in the country. This could pave the way for ETFs and reduce cryptocurrency taxes in the country.
Currently, Japan recognizes cryptocurrencies as a means of payment under the country's Payment Services Act. If the FSA's proposal is approved, certain tokens will be considered securities.
Related: UK policy shift: Approval of retail trading in cryptocurrency ETNs, aiming to create a crypto hub
Original article: “SBI plans to launch Japan's first Bitcoin (BTC) and Ripple (XRP) dual ETF”
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