SBI Group launches crypto-asset fund for Japanese investors

Tokyo’s largest finserv company, SBI Group will now let general Japanese investors purchase cryptocurrency via its newly launched “crypto asset fund”. The fund includes seven cryptocurrencies, including Bitcoin (BTC), Ethereum(ETH), Litecoin [LTC], XRP (BCH), Litecoin [LTC], XRP (LTC), Litecoin (“LTC”), Litecoin (“LTC”), XRP (XRP), Bitcoin Cash (BCH), Chainlink LINK), Polkadot DOT)

The SBI Alternative Fund established the crypto-asset fund on December 02, with a capital of 5,000,000 yen. This is approximately $45,000 at the time. The company could release the capital in smaller breaks of 1 million yen each.

Source: SBI

The official statement states that investors will need to complete an application process, which includes an anonymous partnership agreement for SBI Alternative Fund purchases prior to investing. This is the company’s reason for this move:

It is not recommended for everyone. Customers must meet our requirements to purchase it.

SBI VC Trade will also handle crypto investments made anonymously by these associations. This sister company specializes in cryptocurrency trading. SBI also stated that no of the seven crypto-asset funds will have a ratio greater than 20%.

SBI stated that the fund cannot be cancelled within one year, between February 1, 2022 and January 31, 2023 to ensure the service’s longevity. Unrealized capital gains taxes will be assessed to investors, as well as other expenses such establishment and liquidation fees.

SBI has established an age limit of 20-70 for this fund. The company will impose a three month locking period for all purchases “aiming to reduce risk investment by diversifying time.” It will also rebalance its investment ratio allocation every month.

Related: SBI Holdings invests on the Singaporean crypto exchange Coinhako

SBI has contributed to Japan’s adoption of crypto, and it continues to expand its reach to other countries. Recently, SBI invested in Coinhako, a Singaporean cryptocurrency exchange.

Coinhako was granted funding by SBI shortly after it received regulatory approval from Monetary Authority of Singapore. Cointelegraph reported that the investment was made through the SBI-Sygnum Azimut Digital Asset Opportunity Fund. This fund was jointly created by Sygnum Bank and SBI.

Coinhako intends to “expand the business to other Southeast Asian countries” using SBI’s funds infusion and its existing international network.

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