SBI VC Trade has become the first firm in Japan to get the green light from regulators to manage stablecoins. The exchange intends to commence handling USDC dealings on March 12th.
As per a report by CoinDesk Japan, the SBI Group’s cryptocurrency trading entity has become the first in Japan to secure an “Electronic Payment Instrument Business Operator” permit. The firm is registered with the Kanto Local Finance Bureau under registration number 00001.
Following the permit, SBI VC Trade intends to commence offering trading for USD Coin (USDC), a stablecoin released by Circle, to Japanese clients on March 12th. However, the firm noted that the stablecoin service will remain in a testing stage, and distribution will be restricted to a limited number of clients within the group.
Once the stablecoin service is available to the public, SBI VC Trade will be able to provide associated services that enable individual and corporate clients to purchase and sell, as well as deposit and withdraw USDC.
Given that stablecoins are linked to the US dollar, SBI VC Trade will need to set aside US dollars to ensure that the amount is equal to or greater than the amount of USDC deposited by clients.
SBI VC Trade CEO Tomohiko Kondo stated that Shinsei Bank, a member of the SBI Group, will be accountable for the company’s trust security. He mentioned that users will be able to see “USDC” displayed on the company’s trading platform at the time of the beta launch. Toncoin (TON) Value Forecast for March 26th
The stablecoin will be tradable with spot trading pairs, including BTC/USDC and ETH/USDC. The trading platform is also anticipated to incorporate leveraged trading for USDC.
“We will initially assess the business procedure. We aim to officially introduce it as swiftly as possible,” he stated in a translated declaration.
Currently, SBI VC Trade is prominent in Japan as the sole entity possessing the coveted trio of permits: a digital currency exchange authorization, a Type 1 Financial Instruments Enterprise authorization, and an Online Payment Tools Transaction Enterprise authorization. Essentially, they represent the singular participant in Japan with all the crucial regulatory endorsements for their spectrum of offerings.
