SBI Holdings, a group of Japanese financial services, denied media reports that the company had filed for the Crypto-Flanted Exchange-Trade Fund (ETF).
Media reports broadcast on Wednesday, saying that SBI has filed an ETF application for two products: a dual gold and crypto ETF and a dual bitcoin (BTC) and XRP (XRP) ETF.
The stories cited the company’s earnings report. However, as the Coinlagraph reported, the income report does not clearly confirm that any application has been filed.
In a statement by Cointelegraph on Friday, a SBI representative clarified:
“Unlike some media reports, we have not filed any application with the authority to create ETFs related to crypto assets.”
“This is only in the phase of the plan,” said the SBI representative.
SBI Holdings says this regulator is waiting for updates
On 24 June, Japan’s Financial Services Agency (FSA) proposed to recognize specific crypto assets as financial products under the Financial Equipments and Exchange Act (FIEA), which are for traditional financial means and securities.
Japanese are still condemning the classification of Crypto with regulators, SBI representative told the coinalgraph that the ETF filing would come later.
“In Japan, ETFs that include crypto assets are expected to be approved in this way that aligns with the reactions of financial authorities and tax authorities,” representatives. “Therefore, the filing will be done after these legal amendments.”
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Crypto ETF is not yet a timeline
The representative said that due to the current regulatory structure, he has not determined a spectative timeline to fill the Crypto ETF applications.
The company confirmed that the application would come from SBI Holdings, SBI Global Asset Management.
Asked what ETF retail or institute will be available to investors, the firm has planned to target individual investors first.
The representative said that the company “advocates and promotes the democratization of alternative investments.”
SBI said that all the revelations on ETF schemes are visible in its earnings.
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