SBI Group, a major player in Japan’s financial sector, is collaborating with Franklin Templeton, a prominent U.S. asset management firm, in anticipation of potential approval for cryptocurrency funds in Japan. Sources familiar with the matter revealed to Nikkei Asia that the partnership aims to introduce spot Bitcoin exchange-traded funds (ETFs) into the Japanese market.
Under the terms of the joint venture, SBI Group will hold a controlling 51% stake, with Franklin Templeton owning the remainder. While spot Bitcoin ETFs have already received approval in the U.S., Hong Kong, and several other countries, Japan has yet to reach a decision on this financial product.
The alliance between SBI Group and Franklin Templeton indicates optimism that Japan’s Financial Services Agency may ultimately approve the ETF, though no specific timeline has been disclosed. The joint venture is reportedly planning to offer crypto securities, although detailed plans have not been publicly disclosed.
In related developments, recent reports suggested that Japan’s Government Pension Investment Fund, the nation’s largest pension fund, is exploring investments in alternative assets such as Bitcoin (BTC) and gold. The fund is said to be evaluating the potential inclusion of Bitcoin alongside commodities like farmlands, forests, and precious metals.
In mid-February, the Japanese cabinet approved the inclusion of cryptocurrencies as assets that local investment limited partnerships can acquire or hold, aligning with Prime Minister Fumio Kishida’s “new capitalism” policy. This initiative underscores Japan’s proactive efforts to foster its web3 industry.
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