SBI VC Trade Secures Regulatory Approval in Japan
SBI VC Trade, a subsidiary of the prominent financial entity SBI Holdings, has recently achieved a significant milestone by obtaining regulatory approval as an Electronic Payments Provider in Japan. This approval comes under the new framework established by the Japan Financial Services Agency (JFSA), allowing the exchange to facilitate the use of stablecoins within the country.
Notably, SBI VC Trade has become the first exchange in Japan to list and distribute the USDC stablecoin. Jeremy Allaire, the CEO of Circle, expressed his enthusiasm, stating, “USDC becomes the first and only global dollar stablecoin to become approved for use in Japan.” This marks a pivotal moment in the adoption of cryptocurrencies in the region.
The regulatory landscape in Japan underwent significant changes in 2023, paving the way for licensed intermediaries to handle foreign stablecoins under strict oversight. This development reflects a growing acceptance of digital currencies and a commitment to ensuring a secure framework for their use in the financial ecosystem.
