The fund will allow the residents of Japan to get their first legitimized exposure to cryptocurrency enabling them to invest in major cryptos.
According to Bloomberg, Japanese Conglomerate SBI Holdings is reportedly planning to set up a crypto fund in Japan. The fund which is scheduled to be established by the end of November will allow the investors to trade in multiple cryptocurrencies.
The report further stated that the fund is said to comprise several hundred million dollars worth of Bitcoin, Ether, Litecoin, XRP, and other leading cryptocurrencies for the investors to trade with.
SBI Crypto Fund: Bitcoin, Ether, Litecoin among Others
According to a Bloomberg report, the director and senior MD of SBI Holdings, Tomoya Asakura has stated that the company could see the potential growth of the fund in upcoming years amounting to several hundred million dollars speculating that the investors are likely to put aside and trade with a set amount of money in-between 1-3 million yen at the time of publication.
The fund will allow the residents of Japan to get their first legitimized exposure to cryptocurrency enabling them to invest in major crypto assets such as Bitcoin, Litecoin, Ether, and XRP. The fund is said to target investors who have a keen understanding of the risks and volatility factors involved with the crypto industry. Investors will be able to make investments with an approximate amount ranging between $9,00 to $27000.
Japan is known to practice strict regulatory measures when it comes to the blockchain and crypto industry. The following fund is said to launch under the watchful eyes of FSA, also known as the Financial Service Agency. The regulatory body has established a set of predetermined rules for crypto platforms and exchanges to work in the country. Crypto exchanges are required to attain national legislation while platforms looking forward to conducting crypto transactions are expected to acquire proper licensing before seeking any digital trade within the region.
SBI Holdings’ Asakura has further reiterated that this crypto fund is planned to let the investors seek secure trading opportunities with multiple cryptocurrencies. “While many believe that cryptocurrencies are highly volatile and speculative, this fund will target investors and let them be aware of the vast potential that cryptocurrencies hold when it comes to establishing decent investment channels. ”
According to the reports, it took four years for SBI Holdings to establish this fund amidst regulatory concerns and pressures. Japanese regulators are said to be recruiting skilled personnel to impose stricter rules when it comes to digital crypto investments and currencies.
SBI Holdings is a financial service group headquartered in Tokyo, Japan that offers financial and asset management services to leading companies. The organization also includes a biotech business line that creates medicinal drugs, health, and cosmetic related products.