SBI VC business has become the first firm in Japan, which receives regulator approval to handle stablecoins. The exchange plans to launch USDC transactions on 12 March.
according to a Report By Coindesk Japan, SBI Group’s Crypto Trading Firm “Electronic Payment Instrument Trading Operator” has become the first Japanese firm to receive approval for license. This firm is registered with the Canto Regional Financial Bureau with registration number 00001.
After obtaining the license, SBI VC Trade’s scheme is planned to introduce transactions for Japanese customers through circle-tied Stabelcoin, USD Coin (USDC) on March 12. However, the firm said that Stabeloin service will remain in the beta phase and will be limited to only a few customers within the distribution 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 and enable the USDC to deposit and withdraw.
Because Stabelcoin is underestimated in the US dollars, SBI VC trade will need to stock up on the US dollar, which will achieve an amount that is equal to or more than the amount of USDC deposited by customers.
Tomohico Kondo, CEO of SBI VC Trade, said that a member of SBI Group Shins’ would be responsible for the trust security of the bank firm. He said that by the time of beta launch, users would be able to see the “USDC” displayed on the firm’s trading platforms.
StableCoin will be available to trade with spot trading couple including BTC/USDC and Eth/USDC pairs. Leverage trading with USDC is also expected to join the trading platform.
“We will first check the flow of business. We want to launch it in Bayana as soon as possible, ”he said in a translated statement.
At the press time, SBI VC Trade is the only Japanese firm that has all three operating licenses: a Cryptocurrency Exchange Business License, Financial Instruments Business Type 1 License, and Theuctronic Payment Instruments Trading Business License.
Last February, the Japanese Financial Services Agency approved a report that included an improvement that would allow the short-term government bonds and fixed-term deposits to be supported by fixed-term deposits in addition to demand deposits by short-term government bonds and fixed-term deposits.
In addition, the proposal recommended a 50% upper range on bonds and deposits, which can be used as a collateral for stabelcoin.
