SBI Holdings, one of the largest financial firms in Japan, supported the explanation outlined by Osaki and added that due to XRP’s treatment as a crypto asset, digital exchanges in the country will continue the trading under local regulations.
Although XRP is widely traded by crypto-asset exchanges in Japan it can be said that under Japanese law, it is established that XRP is a crypto asset under the Funds Settlement Act and does not fall under the Securities under the Financial Instruments and Exchange Act, which requires the submission of securities notification documents to the Financial Services Agency when recruiting or selling. This will not be affected by the sec’s lawsuit with Ripple,” Osaki added in his research note.