SBI Plans to Launch Japan’s First Bitcoin and XRP ETF
Japan's SBI Bank plans to launch the country's first ETF linked to Bitcoin and XRP, set to trade on the Tokyo Stock Exchange. This ETF aims to provide institutional investors with regulated access to these major cryptocurrencies.
SBI also introduced a Digital Gold Crypto ETF, with a structure allocating 51% to gold and 49% to cryptocurrencies, designed for risk mitigation through diversification.
This announcement coincides with potential regulatory changes by Japan's Financial Services Agency that may simplify approval and tax processes for cryptocurrency products, enhancing their appeal to investors.
In Hong Kong, new legislation allows licensed businesses to issue fiat-backed tokens, positioning it as a testing ground for cryptocurrency initiatives amidst strict bans in mainland China. The Hong Kong Monetary Authority will limit licenses granted starting next year.
Chinese policymakers are increasingly interested in stablecoins, noting their impact on traditional payment systems. State-owned enterprises in Hong Kong are preparing to apply for stablecoin licenses, with expectations that only one major state-owned bank will initially receive a license.
The HKMA may approve licenses for stablecoins backed by offshore renminbi, aiding cross-border payments and enhancing China's financial influence.
Currently, Bitcoin trades at $115,245, having recovered 1% in the last 24 hours, but is down over 6% from its recent all-time high of $123,000.