SBI Group, the major Ripple partner in Japan, says crypto exchanges will continue to operate XRP as a cryptocurrency asset, not a security.
SBI CEO Yoshitaka Kitao shared another statement on Twitter regarding the SEC’s lawsuit by Ripple’s parent partner SBI Group in Japan.
“XRP is a cryptocurrency asset under Japanese law”
Citing an author’s article from the Nomura Research Institute, the document states that under the Japanese Funds Settlement Act, XRP is a cryptocurrency asset and not a security, as the SEC claims to be for the US.
Therefore, the document says that regardless of the US regulator’s attempts to accuse Ripple of selling “unregistered investment contracts,” namely securities, XRP will continue to trade as a crypto asset on Japanese digital exchanges.
The statement reminds interested parties that SBI Group is investing in Ripple shares, not directly in XRP. In addition, SBI, owned by SBI Group, is purchasing XRP from Ripple to meet the needs of traders on the VC Trade exchange.
For this reason, it is stated that the current XRP drop in the exchanges does not affect SBI’s business results.
SBI will continue to support Ripple’s expansion beyond the US
The authors of the newsletter reminded readers that many financial institutions in Asia and Europe are considering using Ripple’s technology for currency transactions. This technology significantly reduces transfer fees even if XRP is not used.
Due to the lack of understanding with the US government, Ripple is considering leaving the US and is looking at more crypto-friendly jurisdictions for its headquarters, as reported this fall.
SBI says it will continue to support Ripple in its expansion outside the US and especially in Japan.