SBI’s crypto arm to support USDC as Japan softens stablecoin rules
A cryptocurrency subsidiary of the Japanese financial conglomerate SBI is preparing to roll out support for Circle’s USDC stablecoin as local regulators soften stablecoin rules.
On March 4, SBI VC Trade officially announced the completion of the first registration related to stablecoin transactions, enabling the firm to start processing USDC (USDC) transactions.
After receiving full registration, SBI VC Trade expects to become one of the first financial platforms in Japan to offer cryptocurrency trading in USDC, the announcement notes.
The platform plans to launch a USDC trading trial for selected users on March 12 and expects a full-scale USDC rollout in the near future.
An excerpt from SBI VC Trade’s USDC support announcement on X (translated by Google). Source: SBI VC Trade (sbivc_official)
Japan opens up to overseas stablecoins
SBI VC Trade CEO Tomohiko Kondo took to X on Tuesday to confirm the news, stating that the platform has received a notification from Kanto Bureau’s Tokyo regional financial office regarding the registration of an electronic payment instrument trading business operator.
“SBI VC Trade has become the first and only company in Japan to obtain a so-called stablecoin license,” he wrote, adding that the firm will continue to work toward full USDC support.
SBI VC Trade CEO Tomohiko Kondo confirmed the USDC support news on X (translated by Google). Source: Tomohiko Kondo
SBI VC Trade’s news marks a significant development of stablecoin regulations in Japan after the country reportedly lifted the ban on foreign stablecoins in 2023.
In February, Japan’s Financial Services Agency (FSA) reportedly approved a report from a working group recommending policy changes easing stablecoin-related regulations.
This is a developing story, and further information will be added as it becomes available.
