Japanese financial conglomerate SBI Holdings is reportedly planning to set up one of the first funds in the country giving investors exposure to crypto. 

According to a Bloomberg report, the $6 billion financial firm aims to have a crypto fund available by the end of November. It will offer Japanese the opportunity to invest in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP, and others.

Director and Senior Managing Executive Officer Tomoya Asakura at SBI said the company could see the fund growing to “several hundred million dollars”, with investors likely being required to deposit a minimum of 1-3 million yen, or $9,093-$27,279 at the time of publication.

Japan’s crypto regulations

Japan currently has one of the world’s most crypto-friendly regulations. In essence, cryptocurrencies are legal in Japan. They are classified as “virtual currency” under the Payment Services Act

Next, the Financial Instrument and Exchange Act regulates cryptocurrency derivatives, and enforces the overseeing of ICOs and STOs to penalize “unfair acts” in cryptocurrency trading, such as speculation, collusion, and market manipulation.

Cryptocurrency exchanges that seek to offer trading services in Japan are also required to register with the Financial Services Agency (FSA) beforehand before commencing operations.

Japan’s open and free climate for cryptocurrency trading has made the country one of the world’s largest and most active Bitcoin trading grounds: latest data shows that the country has 3.5 million active cryptocurrency traders, and Bitcoin’s trading volume ballooned from $22 million in 2014 to $97 billion in 2017. 

Thanks to its progressive climate on crypto regulations, Japan’s crypto scene will soon witness the country’s first ever initial exchange offering (IEO) in summer 2021.

Featured Image Credit: Forekast

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