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- According to a Bloomberg story, SBI Holdings, a Japanese financial services company, plans to launch a cryptocurrency fund before the end of November
- SBI director and senior managing executive officer Tomoya Asakura said the fund may expand to several hundred million dollars, with investors expected to put down a minimum of 1-3 million yen, or $9,093-$27,279 at the time of publication
- SBI has been working on launching the crypto fund for four years, and it now aims to do it through an anonymous partnership with an investor who agrees to give capital to SBI, similar to how private equity funds in Japan work
According to Bloomberg, SBI Holdings, a Japanese financial services company, plans to launch a cryptocurrency fund before the end of November. According to Bloomberg, the fund might be worth several hundred million dollars in bitcoin, ether, XRP, bitcoin cash, litecoin, and other cryptocurrencies, according to Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K.
The fund’s minimum investment ranges from $9,00 to $27,000, and it’s aimed at investors who are aware of cryptocurrency’s volatility and other hazards. Asakura told Bloomberg he wants people to keep it together with other assets and learn directly how valuable it can be for diversifying portfolios. If the fund succeeds, the company will move quickly to launch a second one. SBI took four years to get to this point, owing to Japan’s tightening regulations on cryptocurrency investment.
SBI director and senior managing executive officer Tomoya Asakura said the fund may expand to several hundred million dollars, with investors expected to put down a minimum of 1-3 million yen, or $9,093-$27,279 at the time of publication. The crypto fund might be formed despite the fact that the country’s financial authority, the Financial Services Agency, or FSA, prohibits corporations from operating crypto investment trusts.
For crypto exchanges and platforms wishing to operate in Japan, the regulator also demands mandatory national registration and licensing. According to Asakura, he would seek to demonstrate to the Japanese public and the Financial Services Agency (FSA) that cryptocurrencies can be part of a well-balanced financial portfolio rather than being highly volatile and speculative assets as many people believe.
SBI has been working on launching the crypto fund for four years, and it now aims to do it through an anonymous partnership with an investor who agrees to give capital to SBI, similar to how private equity funds in Japan work. More staff has been hired by Japanese regulators to draught stronger worldwide standards for digital currencies, according to reports.
In July, It was reported that the country’s Ministry of Finance was considering hiring experienced regulators to examine the crypto and blockchain industries around the world, while the Financial Services Authority (FSA) had already set up a new unit to monitor digital currency legislation.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
