SBI VC Trade Receives Approval to Handle Stablecoins in Japan
The digital asset sector in Japan is advancing as SBI VC Trade has received government approval to manage stablecoins.
SBI VC Trade Becomes First Licensed Stablecoin Provider
- SBI VC Trade registered as an "electronic payment instrument business operator" with the Kanto Regional Financial Bureau.
- It becomes the first organization in Japan to achieve this status.
- Stablecoin service for USD Coin will launch on March 12, initially in beta within the SBI Group.
- CEO Tomohiko Kondo stated the beta phase aims to assess the business flow before public rollout.
- During beta, USDC will be available on users’ trading screens.
- Customers can buy, sell, deposit, and withdraw USDC through the platform, backed by an equivalent amount of US dollars held by Shinsei Trust Bank.
Japan and the Stablecoin Market
- SBI VC Trade holds three major licenses: type 1 financial instruments business, cryptocurrency exchange business, and electronic payment instruments trading business.
- No other company in Japan currently possesses all three licenses.
- Plans to introduce trading pairs such as BTC/USDC and ETH/USDC for spot and leveraged trading.
- This development addresses slow stablecoin adoption due to regulatory hurdles.
- SBI Group has also launched a digital assets lending service recently.