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.
According 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…