The company says that in Japan, XRP is just cryptography and its nature is guaranteed by law.
In the rest of the world, however, several exchanges have removed XRP from their platforms.
The Trust Project is an international consortium of media organisations based on transparency standards.
Not everyone is against Ripple, at least not in Japan. Its partner and market giant in Japan, SBI Holdings, has said it fully supports Ripple’s expansion in the Asian country.
According to the company, the SEC’s view that XRP is a security is not unanimous in the governments of all countries. Among them is Japan.
In a statement released Monday, December 28, SBI says XRP is only a digital currency. Furthermore, the company confirms that the country’s regulations provide a basis for this perspective.
In support of its statement of support for Ripple, SBI cites a recent article written by researcher Sadakazu Osaki. Sadakazu Osaki, an analyst at the Nomura Research Institute, Japan’s largest economic research firm, says in the article:
XRP is widely traded by cryptomoney asset swap companies in Japan. According to Japanese law, XRP is a „cryptographic asset“ within the meaning of the Fund Settlement Law. It has been concluded that it is not a „security“.
SBI is aware that the SEC’s lawsuit against Ripple runs counter to its views. Its representatives state that there is no reason to remove XRP from the country’s exchanges.
Ripple has been developing partnerships since October with SBI Holdings, a Japanese financial services company.
Among them, Ripple plans to integrate its RippleNet technology into the payment platform of the Japanese company SBI MoneyTap. The idea was thus to reduce transfer costs in the country.
In addition, the company’s publication confirms that XRP will continue to be traded normally on the company’s exchange platform, SBI VC Trade. In particular, the partnership between the two companies has made it possible for e-sports players to receive XRP salaries for the first time in history.
Finally, the Japanese conglomerate confirms that it is investing in Ripple shares, but not directly in XRP. As a result, the company states that it will not be directly affected by the SEC lawsuit, according to an excerpt from its publication :
Although the group invests in Ripple shares, it does not invest directly in XRP. …] The decline in the price of XRP has virtually no adverse effect on our consolidated trading results.
The support of SBI Holdings is an exception
Despite the strong support Ripple has received from SBI Holdings, the company finds itself virtually abandoned in the crypto market. Day after day, the major trading platforms announce that they are going to remove cryptography from their trading lists.
Bitstamp’s announcement to remove XRP from the platform as of January 2021 has perhaps had the greatest impact to date, as it is one of the largest exchanges in the world.
Other exchanges such as OSL, CrossTower, Beaxy and Hashdex in Brazil have also announced the removal of XRP from their platforms. Under the close supervision of the SEC, these exchanges are concerned that the interconnection of XRP could end up having a negative impact on their platforms.