Značka: SBI

SBI Group launches crypto-asset fund for Japanese investors

Tokyo’s biggest finserv firm, SBI Group, will now allow general Japanese investors to purchase cryptocurrencies via its newly launched ‘crypto asset fund’. The fund is composed of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). The crypto-asset fund, to be traded and operated by the SBI Alternative Fund, was established on Dec. 02 with a dedicated capital of 5 million yen, worth approximately $45,000 at the time of writing. However, the company may choose to release the capital in smaller break-ups of 1 million yen each. Source: SBIAccording to the official statement, investors will be required to go through an application process that includes an anonymous partnership agreement with SBI Alternative Fund prior purchases. The company’s reasoning behind this move states:“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”In addition, the crypto investments made by such anonymous associations will be handled by SBI VC Trade, a sister firm dealing with cryptocurrency trading. SBI also highlighted that none of the seven cryptocurrencies in the crypto-asset fund will exceed 20% in ratio. Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Investors will also be subject to unrealized capital gains taxes in addition to bearing other shared expenses including establishment and liquidation costs and audit expenses.SBI has set an age limit between 20 to 70 for this fund and will enforce a three-month locking period for every purchase “aiming to reduce investment risk by diversifying time.” The company will also rebalance the investment ratio allocation once every month.Related: SBI Holdings invests in Singaporean crypto exchange CoinhakoIn addition to contributing to Japan’s crypto adoption, SBI continues to spread its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange named Coinhako.Coinhako received SBI’s funding soon after its received regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund jointly set up by SBI and Switzerland-based Sygnum Bank. Coinhako plans to “expand our business to other countries in Southeast Asia” by using SBI’s fund infusion and its pre-existing international network.

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SBI Holdings invests in Singapore crypto exchange Coinhako

Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore’s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS). The Coinhako investment was made via a fund jointly set up by SBI and Swiss-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund, according to the notice.Speaking to Cointelegraph, a MAS spokesperson highlighted the importance of seeking licensing approvals for crypto businesses:“MAS’ approach to regulation under the Payment Services Act seeks to facilitate innovation while ensuring that adequate controls are in place to address key risks such as money laundering and terrorism financing.”Coinhako became the first crypto-asset exchange from Singapore to get in-principle approval from MAS to conduct Digital Payment Token (DPT) services, the same license application that Binance withdrew on Dec. 13. In this regard, MAS spokesperson told Cointelegraph:“Applicants are able to withdraw their applications should they see fit, upon which those who are operating under the exemption will be required to cease providing regulated payment services. Binance Asia Services has provided MAS with a plan for the orderly cessation of its regulated payment services.”With SBI’s fund infusion and a pre-existing international network, Coinhako plans to “expand our business to other countries in Southeast Asia while being based in Singapore.” According to SBI, the fund will be co-managed by both parties involved with a focus on financial market infrastructure and distributed ledger technology.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotionThe Monetary Authority of Singapore suspended the license of Bitget after the digital asset platform listed a K-pop-related cryptocurrency, Army Coin (ARMY).Source: Facebook screenshotAs Cointelegraph reported, the listing and promotion of ARMY reportedly violated the boy band’s intellectual property rights without permission. Going on the offensive, the crypto exchange claimed to have licenses in other jurisdictions such as Australia, Canada and the United States, as it announced:“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”

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SBI announces crypto joint venture with Swiss digital exchange SIX

SBI Digital Asset Holdings, a fully owned subsidiary of Japanese banking giant SBI Holdings, announced a joint crypto venture with Switzerland’s SIX digital exchange (SDX). The joint venture would be set up in Singapore through a crypto issuance company and aims to become a regional liquidity hub for institutions. SBI Holdings CEO Yoshitaka Kitao said:“This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets. Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”The partnership between SBI and SIX banks on growing crypto demand in the Asia-Pacific region and will cater its services to regulated institutions. The venture is expected to formalize its operations by the end of 2021 and start offering its services by early 2022 following regulatory clearance from the Monetary Authority of Singapore.The new undertaking will offer a range of digital asset products and services in the form of tokenized securities such as digital bonds, digital equities and digital securitized loans.SIX did not immediately respond to Cointelegraph’s request for comment.Related: SBI doubled crypto business profits in past fiscal year.SDX chairman called SBI a natural partner for the joint venture given their expertise in the institutional digital asset market and dominance in Asia. Singapore has grown to become a global crypto hub over the past few years. Major crypto exchanges like Binance, FTX, Coinbase, Huobi, and several others have found a home in the country amid regulatory uncertainty around the globe.

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