Japan’s Leading Investment Group Offers Digital Asset Exposure For Clients
Even though Japanese authorities claim to embrace blockchain technology, it still maintains a strict regulation on the digital asset industry. However, the nation’s SBI group has set up a digital asset investment fund for its customers.
Managing Crypto Investments On Behalf Of Others
Part of the press release states that the “firm will begin to invest in digital currencies on behalf of interested customers through the SBI crypto asset fund, a fund management scheme that has never been launched before in japan.” The firm disclosed that the crypto investments would be limited to BTC, LINK, XRP, BCH, ETH, LTC, and DOT, while others will be added later.
The announcement also revealed that investors in the investment scheme wouldn’t exceed 500, and each individual cannot invest more than 5m Yen at once. But if they desire more, they can invest in units of 1m Yen. As of this writing, 1m Yen is equivalent to $8.78K. The application is already open for interested investors and will close by the end of next month. Under the current plan, the length of the investment will be for one year (February 2022 to January 2023).
Highlights Of The Investment Fund
One exciting part of this investment is that the group will rebalance the crypto fund’s composition should there be a need for it—for example, one of the digital currencies becoming extremely dormant. In the spirit of full disclosure for potential investors, the group remarked that there might be instances where it would lend some percentage of its asset under management to crypto exchanges temporarily. However, “this isn’t intended to yield any profit but only act as a technical appraisal.”
One crucial part of the press release is that the SBI group plans to launch an ETP (specifically, the BTC futures ETF) in the U.S. Also, as blockchain use cases of NFTs increase, the group will launch an NFT-related investment fund. Japan’s SBI group has been active in the investment scene recently. A few days ago, the group announced that it had acquired the controlling interest in Singapore’s top crypto exchange, CoinHako.
A Clash With Japan’s CBDC Initiative?
While there are several benefits investors can enjoy through an investment scheme like this one, Japan’s CBDC development is well underway. Japan authorities may likely follow Chinese authorities who banned all privately owned digital currencies activities. Takayuki Kobayashi, one of Japan’s ministers, has already reiterated the need for the nation to be more proactive in launching the digital Yen. He cited financial fraud prevention as a crucial reason for the government to establish the e-Yen.
“It is important that we consider the security effects of other nations’ CBDC launch on our country. Hence, we need to speed up the launch of our CBDC to measure up with global economic standards,” he added. As China was preparing to launch its digital Yuan, the authorities banned all crypto-related activities to ensure the widespread adoption of its CBDC across the country. China is now planning to launch its digital Yuan during next year’s Olympics – an event the Asian nation is hosting.
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