The crypto asset fund will invest in seven different digital currencies, namely bitcoin, ethereum, xrp, litecoin, bitcoin cash, chainlink, and polkadot.

Tokyo-based financial services company SBI Group (TYO: 8473) has announced the launch of a crypto asset fund that will invest in seven different cryptocurrencies. Touted as “Japan’s first cryptocurrency fund for general investors,” the fund will allow exposure to bitcoin (BTC), ethereum (ETH), polkadot (DOT), chainlink (LINK), litecoin (LTC), xrp (XRP), and bitcoin cash (BCH). Moreover, no single cryptocurrency will exceed 20% of the fund assets. However, there is a qualification and SBI says: “Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.” (Bitcoin.com)

SBI Alternative Fund will be responsible for trading and operation of the crypto-asset fund, which requires a minimum investment of a minimum of approximately 1-3 million yen ($9,000-$27,000).

“If profits are obtained from the operation, the amount after deducting various expenses will be distributed to the customer. However, the distribution of profits is not fixed, and if a loss occurs due to operations, etc., the principal of the investment may be damaged and a loss may be incurred,” says the statement from SBI Group.

However, “this product cannot be canceled halfway for one year (February 1, 2022 to January 31, 2023). This product is an investment of 5 million yen or more in units of 1 million yen. For individual investors, the amount equivalent to profits is treated as miscellaneous income, and as a general rule, it is necessary to file a final tax return,” the statement further reads.

Related Story: Ripple Invests In Money Tap, A Subsidiary Of SBI Holdings, Japan