Japanese financial giant SBI Holdings backs Ripple

XRP is not a security under Japanese law, утверждают in SBI Holdings. The token’s price drop amid the SEC’s lawsuit against Ripple had little to no negative effect on the business of the Japanese financial conglomerate — a partner of the fintech startup.

“XRP is a ‘cryptocurrency asset’ under the Funds Settlement Act. The token does not fall under the definition of ‘security’ under the Financial Instruments and Exchange Act,” the statement said.

SBI Holdings noted that the SEC lawsuit will not affect XRP’s status in Japan, and the payment app based on Ripple’s technology will continue to operate, as planned, regardless of whether this token is used in it.

“SBI Holdings will continue to actively support Ripple’s activities in Japan and abroad,” the company said.

Ripple and SBI Holdings formed a partnership in 2016, creating the joint venture SBI Ripple Asia. In October this year the fintech startup bolstered the cooperation with investments of an undisclosed amount.

Earlier B2C2 suspended trading XRP for US clients. Two weeks earlier SBI Holdings became the owner of this over-the-counter (OTC) platform oriented to institutions.

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