XRP is a Crypto Asset in Japan, Not a Security, Ripple Partner SBI Claims

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The SBI Holdings statement refers to a research article by Sadakazu Osaki of the Nomura Research Institute indicating under Japanese law XRP is a "cryptocurrency asset" and not a security.

via CoinDesk https://www.coindesk.com/xrp-is-a-crypto-asset-in-japan-not-a-security-ripple-partner-sbi-claims