Japan's financial services group SBI Holdings has denied media reports that the company has applied for cryptocurrency-related exchange-traded funds (ETFs).
On Wednesday, media reports stated that SBI had submitted ETF applications for two products: a dual ETF for gold and cryptocurrency, and a dual ETF for Bitcoin (BTC) and XRP.
These reports cited the company's financial report. However, as Cointelegraph reported, the financial report did not explicitly confirm whether any applications had been submitted.
An SBI representative clarified in a statement to Cointelegraph on Friday:
"We are currently only in the planning stage," the SBI representative added.
On June 24, Japan's Financial Services Agency (FSA) proposed to classify certain crypto assets as financial products under the Financial Instruments and Exchange Act (FIEA), which applies to traditional financial instruments and securities.
As Japanese regulators are still considering the classification of cryptocurrencies, the SBI representative told Cointelegraph that the ETF application will be made later.
"In Japan, ETFs that include crypto assets are expected to be approved in a manner that responds to financial and tax authorities," the representative stated. "Therefore, the application will be made after these legal revisions are completed."
The representative added that due to the current regulatory framework, they have not yet determined a specific timeline for submitting the crypto ETF application.
The company confirmed that the application will be submitted by SBI Holdings' subsidiary, SBI Global Asset Management.
When asked whether these ETFs are aimed at retail or institutional investors, the representative stated that the company plans to target individual investors first.
The representative mentioned that the company "advocates and promotes the democratization of alternative investments."
SBI added that all disclosed information regarding the ETF plans is limited to what appears in its financial report presentation.
Related: UK-listed energy company Union Jack Oil to convert stranded gas into Bitcoin (BTC) mining power
Original article: “SBI Holdings Denies Reports of Filing Bitcoin (BTC) and XRP Dual ETF in Japan”
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