Tokyo's largest financial services company SBI Group will now allow general Japanese investors to buy cryptocurrencies through its newly launched 'crypto asset pool'. The fund is made up of seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Link of the chain (LINK) and Polkadot (POINT).
The crypto asset 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 approximately $ 45,000 at the time of writing. However, the company may choose to release the capital in small breaks of 1 million yen each.
According According to the official statement, investors will need to go through an application process that includes an anonymous partnership agreement with previous purchases from the SBI Alternative Fund. The company's reasoning behind this move reads:
"Since it is not suitable for all customers, only customers who meet certain standards set by our company can buy it."
Furthermore, cryptocurrency investments made by such anonymous associations will be handled by SBI VC Trade, a sister company that deals with cryptocurrency trading. The SBI also highlighted that none of the seven cryptocurrencies in the crypto asset pool will exceed 20% in proportion.
Ensuring longevity of service, SBI has stated that the fund "cannot be canceled within one year" between February 1, 2022 and January 31, 2023. Investors will also be subject to capital gains taxes. unrealized, in addition to paying other shared taxes. expenses including set-up and settlement costs and audit expenses.
SBI has established an age limit of between 20 and 70 years for this fund and will apply a three-month lock-in period for each purchase "with the aim of reducing investment risk by diversifying over time." The company will also rebalance the investment index allocation once a month.
Related: SBI Holdings Invests in Singapore Crypto Exchange Coinhako
In addition to contributing to the adoption of crypto from Japan, SBI continues to extend its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange called Coinhako.
Coinhako received SBI funding shortly after receiving regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund created jointly by SBI and Switzerland-based Sygnum Bank.
Coinhako plans to "expand our business to other Southeast Asian countries" by using the infusion of funds from SBI and its pre-existing international network.
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