Japan's SBI Group Launches Crypto Asset Fund

One of Japan’s largest asset managers has launched a cryptocurrency asset fund for general domestic investors.

SBI Group will permit retail investors to purchase bitcoin, ethereum, litecoin, XRP, bitcoin cash, chainlink and polkadot.

However, potential investors will be required to be aged 20 to 70 years old, and submit an application. “Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company,” SBI said in a statement.

SBI said its management fee for the fund would be set at 0.66%.

Capital Gains Taxes

Investors will also be subject to unrealised capital gains taxes in addition to establishment and liquidation costs and audit expenses.

While no single cryptocurrency would exceed 20% of the total, the company would rebalance the investment ratio allocation once every month.

SBI recently invested in Coinhako, a Singaporean crypto exchange and said it plans to “expand our business to other countries in Southeast Asia”.

Tokyo-listed shares of SBI Group, which has about $60 billion in assets under management, fell nearly 0.5% on Friday to 3,105 yen.

George Russell

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.