SBI VC Trade Adds USDC Support Amidst Japan's Eased Stablecoin Rules
SBI VC Trade, the cryptocurrency arm of Japanese financial giant SBI Holdings, is set to launch support for Circle’s USDC stablecoin following recent regulatory changes in Japan. This move signifies a notable shift in the Japanese stablecoin landscape.
Japan's Softening Stablecoin Stance
On March 4th, SBI VC Trade announced the completion of its first stablecoin transaction registration, allowing it to process USDC transactions. Following full registration, it aims to be one of the first platforms in Japan to offer USDC trading. A trial period for select users is planned for March 12th, with a full launch expected soon after.
Tomohiko Kondo, CEO of SBI VC Trade, confirmed the news on X (formerly Twitter), highlighting that the company received notification from the Kanto Regional Financial Bureau’s Tokyo office. This makes SBI VC Trade the first company in Japan to obtain a stablecoin license, paving the way for broader USDC adoption.
This development follows Japan's reported lifting of the ban on foreign stablecoins in 2023 and the Financial Services Agency (FSA)'s approval of policy changes easing stablecoin regulations in February. These changes reflect a growing acceptance of stablecoins within the Japanese financial system.
Benefits of Increased USDC Adoption in Japan
- Increased accessibility to a major stablecoin for Japanese investors.
- Enhanced liquidity within the Japanese cryptocurrency market.
- Further integration of stablecoins into the traditional financial system in Japan.
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