SBI VC Trade has become the first firm in Japan to receive regulatory approval to handle stablecoins. The exchange plans to start processing USDC transactions on March 12.
According to a report by CoinDesk Japan, SBI Groupâs crypto trading firm has become the first Japanese firm to gain approval for an âelectronic payment instrument business operatorâ license. The firm is registered at the Kanto Regional Financial Bureau with registration number No. 00001.
After receiving the license, SBI VC Trade plans to start facilitating transactions for Japanese customers through the Circle-issued stablecoin, USD Coin (USDC), on March 12. However, the firm noted that the stablecoin service will remain in the beta phase and distribution will be restricted to only a few customers within the group.
Once the stablecoin service becomes available to the public, SBI VC Trade will be able to offer services that will enable individual and corporate customers to buy and sell as well as deposit and withdraw USDC.
Because the stablecoin is pegged to the U.S. dollar, SBI VC Trade will need to stock up on U.S. dollars, securing an amount that is equal to or greater than the amount of USDC deposited by customers.
SBI VC Trade 首席执行官近藤智彦表示,SBI 集团旗下新生信托银行将负责该公司的信托安全。他表示,到测试版发布时,用户将能够在该公司的交易平台上看到“USDC”。
该稳定币将可与现货交易对进行交易,包括 BTC/USDC 和 ETH/USDC 对。预计该交易平台还将包括与 USDC 的杠杆交易。
他在一份翻译声明中表示:“我们将首先检查业务流程。我们希望尽快正式启动这项计划。”
At press time, SBI VC Trade is the only Japanese firm that holds all three operating licenses: a cryptocurrency exchange business license, the financial instruments business type 1 license, and theelectronic payment instruments trading business license.
Last February, the Japanese Financial Services Agency approved a report which included a reform that would allow for stablecoins to be backed by short-term government bonds and fixed-term deposits in addition to demand deposits.
In addition, the proposal also recommended an upper limit of 50% on the bonds and deposits that can be used as collateral for stabelcoins.