Tokyo’s largest financial services company, SBI Group, will now allow Japanese retail investors to buy cryptocurrencies with newly launched “cryptocurrencies”. The fund consists of seven cryptocurrencies that include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT).
The cryptocurrency fund, which will be traded and operated by the SBI Alternative Fund, was established on December 2 with a dedicated capital of 5 million yen, worth about $ 45,000 at the time of writing. However, the company may choose to release the capital in fractions of less than 1 million yen each.
According to the official statement, investors will have to go through an application process that includes an anonymous partnership agreement with previous purchases of alternative funds from the SBI. The reason behind this movement is:
“Because it is not suitable for all customers, it can only be purchased by customers who meet the standards set by our company.”
In addition, SBI VC Trade, a sister company that trades in cryptocurrency, will manage the investment investments of these anonymous cryptocurrencies. SBI also claims that none of the seven cryptocurrencies in the cryptocurrency asset fund will exceed 20% of the ratio.
To ensure the longevity of the service, the SBI stated that the fund “can not be canceled in one year” between February 1, 2022 and January 31, 2023. Investors will also be subject to the capital gains tax which is not in addition to other shares . costs including settlement and settlement costs and audit costs.
The SBI has set an age limit of 20 to 70 years for this fund and will implement a three-month lock-in period for each purchase “aimed at reducing the risk of investing over a period of time.” The company will also rebalance the allocation of the investment report once a month.
Related: SBI Holdings invests in Singapore Coinhako cryptocurrency exchange
In addition to contributing to Japan’s adoption of cryptography, SBI continues to expand its reach to other jurisdictions. Most recently, the company invested in a Singapore currency exchange called Coinhako.
Coinhako received funding from the SBI immediately upon receipt of regulatory approval from the Singapore Monetary Authority (MAS). As reported by Cointelegraph, the investment was made through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a common fund based on SBI and Sygnum Bank.
Coinhako plans to “expand our foreign business in Southeast Asia” through the SBI Infusion Fund and its existing international network.