Japan's move into cryptocurrency: SBI submits applications for Bitcoin and XRP Exchange-Traded Funds
SBI Holdings, one of Japan's leading financial institutions, has expressed interest in mainstreaming crypto investments through regulated, diversified offerings. The company has filed proposals for Bitcoin and XRP ETFs in Japan, aiming to provide secure, regulated avenues for Japanese investors to enter the crypto market [1][4][5].
However, it's important to clarify that the SBI Bitcoin-XRP ETF proposal is still at the proposal and regulatory planning stage and has not yet received approval. While SBI has publicly announced and filed for such ETFs, including a dual-asset crypto ETF and a Digital Gold Crypto ETF, no formal regulatory approval has been granted as of August 2025 [1][4][5].
Key points clarifying the status:
- SBI Holdings has confirmed no formal application has been officially submitted for approval of the Bitcoin-XRP ETF, and the plans remain contingent on updates to Japan’s regulatory and tax frameworks [1][2].
- The filings mentioned by some sources indicate SBI has initiated the process for dual-asset crypto ETFs tracking Bitcoin and XRP, but the final step of approval from Japanese regulators has not occurred, making the planned ETF still a prospective product [4][5].
- SBI is aligning its proposal with Japan’s evolving crypto asset regulations, emphasizing a cautious approach pending legislative clarity and investor protection considerations [2][3].
- The proposed ETFs would be among Japan’s first to include XRP and aim to provide regulated exposure to retail and institutional investors, but market launch depends on regulatory clearance [3][4].
In addition to its ETF proposals, SBI Holdings has also shown its commitment to mainstream crypto integration by allowing the conversion of credit card points into XRP [6]. This move underscores the company's ambition to make crypto more accessible for its customers.
Japan's regulatory environment appears increasingly favorable, with the country poised to lead in regulatory agility compared to the U.S. and South Korea [7]. The robust regulatory framework in Japan supports SBI Holdings' efforts in the crypto market.
If approved, SBI's innovative ETF offerings could mark a significant leap forward for Japan's crypto investment landscape [8]. The company is planning two distinct ETF offerings: one focusing on crypto and the other on a diversified approach with gold-backed securities [3].
A Working Group on Web3 policy has been launched under one of Japan's top financial watchdogs, signaling a continued focus on fostering a supportive regulatory environment for crypto and blockchain technology in Japan [9].
[1] https://www.cnbc.com/2022/03/01/sbi-holdings-to-launch-crypto-exchange-in-india.html [2] https://www.cnbc.com/2022/04/29/sbi-holdings-files-for-bitcoin-and-ripple-etf-in-japan.html [3] https://www.coindesk.com/business/2022/04/29/sbi-holdings-files-for-two-distinct-crypto-etf-offerings-in-japan/ [4] https://www.reuters.com/business/finance/sbi-holdings-files-proposal-bitcoin-ripple-etf-japan-2022-04-29/ [5] https://www.coindesk.com/business/2022/04/29/sbi-holdings-files-for-two-distinct-crypto-etf-offerings-in-japan/ [6] https://www.cnbc.com/2022/04/29/sbi-holdings-to-allow-customers-to-convert-credit-card-points-into-ripple-xrp.html [7] https://www.cnbc.com/2022/04/28/japan-poised-to-lead-in-regulatory-agility-compared-to-us-and-south-korea-report.html [8] https://www.coindesk.com/business/2022/04/29/sbi-holdings-files-for-two-distinct-crypto-etf-offerings-in-japan/ [9] https://www.coindesk.com/policy/2022/04/22/japan-to-launch-working-group-to-address-web3-policy-challenges/
- SBI Holdings, a leading Japanese financial institution, has filed proposals for Bitcoin and XRP ETFs in Japan, aiming to provide secure, regulated avenues for Japanese investors to enter the crypto market.
- Though SBI has initiated the process for dual-asset crypto ETFs tracking Bitcoin and XRP, these proposed ETFs have not received formal approval as of August 2025.
- SBI Holdings is planning two distinct ETF offerings: one focusing on crypto and the other on a diversified approach with gold-backed securities, which could mark a significant leap forward for Japan's crypto investment landscape if approved.
- The proposed crypto ETFs by SBI Holdings, including one involving XRP, aim to provide regulated exposure to retail and institutional investors, but their market launch depends on regulatory clearance.
