Japanese financial giant SBI Holdings has dismissed recent media claims about filing crypto-related ETF applications. Reports had suggested filings for two ETFs, one combining gold and crypto, the other combining Bitcoin and XRP. According to SBI, no applications have been made to date.
The confusion stemmed from SBI’s earnings report, which referenced ETF plans. However, the company confirmed the language used did not confirm any official filing. A company representative clarified that such ETFs are still under consideration and remain in the early planning stage.
“Contrary to reports by some media outlets, we did not submit any applications to the authority to create an ETF related to crypto assets,” the SBI stated. This clears mounting rumors revolving around their potential submission to Japanese regulators.
Regulatory framework delays XRP ETF filing
Japan’s Financial Services Agency (FSA) is crafting new rules for crypto assets. In June, the agency proposed to regulate some digital assets as financial products under the Financial Instruments and Exchange Act (FIEA), the current law overseeing traditional securities.
These changes would place crypto tokens under heightened regulation. There would be a requirement for disclosures by token issuers, with insider trading under heightened scrutiny. The rules could also open the gate for regulated crypto ETFs, including spot Bitcoin-based products.
SBI says it will wait for the finalization of both legal and tax frameworks. The firm will not seek to submit official ETF applications for Japan until modifications to the regulation and tax regime come fully into force. It was commented on by a representative:
“In Japan, ETFs that incorporate crypto assets are expected to be approved in a way that aligns with the responses of the financial authorities and tax authorities. Therefore, the filing will be done after these legal revisions have been made.”
The retail market will be the primary target
When prepared, SBI will file with its subsidiary, SBI Global Asset Management. Instead of targeting institutions, retail investors will be the focus of their ETFs. Their approach lies in encouraging wider access to alternatives throughout Japan.
Japan has a long-standing relationship with crypto. The country made cryptocurrencies legal modes of payment back in 2017, positioning the country as an early pioneer in regulating digital finance. Retail participation is still high in the market.
FSA’s plan is expected to become official law by early 2026. That would make Japan a beacon of approved crypto ETFs, if it happens. For the time being, word of SBI’s Bitcoin-XRP ETF remains just a rumor, unconfirmed whispers with no official action to date.
