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SBI Group introduces crypto-asset fund for Japanese investors

3 min reading

The SBI crypto-asset fund comprises seven cryptocurrencies, which includes Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Chainlink, and Polkadot, with no more than a 20% ratio.

SBI Group, Tokyo's leading financial services firm, will now enable general Japanese investors to acquire cryptocurrencies through its recently formed 'crypto asset fund.' Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK), and Polkadot are among the seven cryptocurrencies included in the fund.

The SBI Alternative Fund formed the crypto-asset fund on December 2 with an allocated capital of 5 million yen, which is around $45,000 currently. The firm may, however, decide to disburse the capital in small portions of 1 million yen each.

Investors will be needed to undergo an application procedure that involves an anonymous partnership agreement with SBI Alternative Fund before making any purchases, according to the official statement. The company's explanation for this action is as follows:

“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”

Furthermore, the crypto investments made by these anonymous associations will be managed by SBI VC Trade, a sibling firm that deals in crypto trading. SBI further stated that neither of the seven cryptocurrencies in the crypto-asset fund will have a ratio of more than 20%.

To ensure the fund's lifespan, SBI has indicated that it "cannot be cancelled within one year," from February 1, 2022, to January 31, 2023. Unacknowledged capital gains taxes will also be levied on investors, in addition to other shared expenses such as establishment and liquidation costs and audit expenses.

SBI has imposed an age limit for this fund from 20 to 70 years old and will implement a three-month lock period on all purchases to “aiming to reduce investment risk by diversifying time.”The investment ratio allocation will also be restructured once a month by the firm.

SBI intends to increase its presence in other countries, in addition to assisting Japan's crypto adoption. The firm most recently invested in Coinhako, a Singaporean cryptocurrency exchange.

Coinhako acquired funds from SBI shortly after receiving regulatory permission from the Monetary Authority of Singapore (MAS). According to reports, the investment was made through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund co-founded by SBI and Switzerland-based Sygnum Bank.

Coinhako intends to  “expand our business to other countries in Southeast Asia”  with the use of SBI's fund and its pre-existing worldwide network.


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