The Conglomerate of Japanese Financial Services SBI Holdings refused media reports according to which the company had filed funds (ETF) linked to the exchanges linked to the crypto (ETF).
Media reports circulated on Wednesday saying that SBI had filed an ETF application for two products: a Dual Gold and Crypto ETF and a Dual Bitcoin (BTC) and XRP (XRP) ETF.
The stories cited the report on the results of the company. However, as CinteleleGraph indicated, the profits report did not clearly confirm if requests had been filed.
Friday, in a declaration in Cointelegraph, a representative of the SBI clarified:
“Unlike certain media relationships, we have not made any request with the power to form an ETF linked to cryptographic assets.”
“It is only at the planning stage,” added the SBI representative.
SBI Holdings says he expects regulatory updates
On June 24, the Japan Financial Agency (FSA) proposed to recognize specific cryptographic assets as financial products under the Financial Instruments and Exchange Act (FIEA), the rules that apply to financial instruments and traditional securities.
Japanese regulators still considering the crypto classification, the SBI representative told Cintelelegraph that the ETF deposits will come later.
“In Japan, the FNBs which integrate cryptographic assets should be approved in a way that aligns with the responses of financial and tax authorities,” said the representative. “Consequently, the file will be made after these legal revisions have been made.”
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No calendar for Crypto ETF yet
The representative added that due to current regulatory frameworks, they have not yet determined a specific calendar to deposit ETF Crypto applications.
The company has confirmed that the request would come from SBI Global Asset Management, a subsidiary of SBI Holdings.
When asked if the ETFs will be available for retail or institutional investors, the representative said that the company first planned to target individual investors.
The representative said that the company “advocates and promotes the democratization of alternative investments”.
SBI added that all the information disclosed on ETF plans is limited to what appears in its presentation of the gains.
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