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Japanese financial giant SBI Group is teaming up with Franklin Templeton to prepare for a possible approval of crypto funds in Japan.
Japanese financial giant SBI Group is teaming up with U.S. asset manager Franklin Templeton in anticipation of potential approval for crypto funds in Japan, aiming to introduce spot Bitcoin exchange-traded funds to the Japanese market, Nikkei Asia <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Franklin-Templeton-and-SBI-team-up-to-bring-bitcoin-ETFs-to-Japan" target="_blank" rel="noopener noreferrer nofollow">has learned</a>, citing sources familiar with the matter.
In the joint venture, SBI Group will hold a 51% stake, while Franklin Templeton will own the remaining part. While spot Bitcoin ETFs have already been approved in the U.S., Hong Kong, and a few other countries, Japan has yet to make a decision regarding this financial product.
The collaboration between SBI Group and Franklin Templeton suggests that Japan’s Financial Services Agency may eventually approve the ETF, though no timeframe has been revealed so far. The joint venture is reportedly expected to offer crypto securities, though specific details have not been disclosed.
You might also like: <a href="https://crypto.news/asias-family-offices-increase-focus-on-digital-assets-amid-growing-market-interest/" rel="noopener noreferrer nofollow"> Asia’s family offices increase focus on digital assets amid growing market interest </a>
The development follows recent reports that Japan’s Government Pension Investment Fund, the largest pension fund in Japan, <a href="https://crypto.news/japans-largest-pension-fund-to-explore-bitcoin-investments/" target="_blank" rel="noopener noreferrer nofollow">might be looking</a> to explore investments in alternative assets such as Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and gold. The fund reportedly plans to examine the possibility of accommodating Bitcoin and other commodities, including farmlands, forests and precious metals.
In mid-February, the Japanese cabinet approved the inclusion of crypto among the assets that local investment limited partnerships firms can acquire or hold. The move was part of Prime Minister Fumio Kishida’s “new capitalism” policy, under which Japan has been actively working to cultivate its web3 industry.
Read more: <a href="https://crypto.news/japan-eyes-on-stopping-p2p-transfers-from-fiat-to-crypto/" rel="noopener noreferrer nofollow"> Japan eyes on stopping P2P transfers from fiat to crypto </a>

Franklin Templeton joins forces with SBI to debut Bitcoin ETFs in Japan: report

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