SBI Holdings denied the filing of crypto ETFs, the products still say in the planning stage
The Japanese Financial Services Conglomerate SBI Holdings has refused media reports that the company has filed for Crypto (ETF) exchange -related funds.
Media reports spread on Wednesday that SBI filed an ETF application for two products: a dual gold and crypto ETF and a dual Bitcoin (Btc) and XRP (XRP) Etf.
The stories mentioned the company’s revenue report. However, as Cointelegraph reported, The income report is not clearly confirmed If any applications have been filed.
In a statement to Cointelegraph on Friday, an SBI representative clarified:
“Contrary to some media reports, we have not filed any applications with authority to produce an ETF related to crypto assets.”
“This is at the planning stage,” added the SBI representative.
SBI Holdings said it awaits regulating updates
On June 24, Japan’s Financial Services Agency (FSA) suggested recognition of specific crypto assets As financial products under the Financial Instruments and Exchange Act (FIEA), policies that apply to traditional financial and security instruments.
In Japanese regulators who are still considered the Crypto classification, the SBI representative told Cointelegraph that ETF filings will come.
“In Japan, ETFs that include crypto property are expected to be approved in a way that is aligned with the responses of financial authorities and tax authorities,” the representative said. “Therefore, filing will be done after these legal revisions are made.”
Related: USDC Stablecoin receives approval for use in Japan, says Circle
There is no timeline for crypto etf
The representative added that due to the current regulatory outlines, they have not yet identified a specific timeline for filing Crypto ETF applications.
The company has confirmed that the application will come from SBI Global Asset Management, a subsidiary of SBI Holdings.
Asked if ETFs were available to investors in retail or institutional, the firm’s representative plan to target individual investors first.
The representative said the company “promotes and promotes the democratization of alternative investments.”
The SBI added that all disclosed information on ETF plans is limited to what will appear in its income presentation.
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