SBI VC Trade Receives Approval to Offer USDC as Japan’s First Dollar Stablecoin
SBI VC Trade, a subsidiary of SBI Holdings, received regulatory approval as an Electronic Payments Provider in Japan. This approval, from the Japan Financial Services Agency (JFSA), enables the exchange to offer stablecoins, specifically making it the first in the country to list and distribute USDC.
Key points:
- First global dollar stablecoin approved for use in Japan.
- Approval follows 2023 regulatory changes allowing licensed intermediaries to handle foreign stablecoins.
- Oversight by the JFSA is required for these operations.