Overview

• SBI has submitted ETF applications to the Financial Services Agency for a dual-asset Crypto-Assets ETF tracking bitcoin and XRP alongside a Digital Gold Crypto ETF blending gold ETFs with gold-backed cryptocurrencies.
• If approved, these products would be the first regulated funds in Japan to include XRP, which has been excluded from major institutional offerings due to past regulatory uncertainty.
• The FSA is reviewing proposals to reclassify digital assets as financial instruments and consider a unified tax regime, changes that could streamline ETF approvals and investor tax treatment.
• SBI plans to expand its stablecoin business by deepening its partnership with Circle to boost USDC use in Japan and by introducing Ripple’s RLUSD within this fiscal year.
• A joint venture with Franklin Templeton will leverage the asset manager’s infrastructure and compliance expertise to support SBI’s rollout of institutional crypto products.