Zodia Custody has ended its joint venture with SBI Holdings, where SBI held a majority stake. The CEO, Julian Sawyer, stated this move reflects a realignment of priorities for both entities.
The partnership had engaged with Japan’s Financial Services Agency regarding local registration but had not progressed to formal applications. Japan’s regulatory hurdles continue to challenge crypto operations.
Despite the exit, SBI Holdings plans to launch Japan’s first dual-asset cryptocurrency ETF. However, it has faced obstacles in advancing previous reports regarding the ETF launch.
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