- SBI VC Trade becomes Japan’s first exchange to handle USDC after regulatory approval.
- The exchange plans a limited USDC beta launch in March 2025 before full-scale operations.
- SBI VC Trade now holds three licenses, enabling a broader range of crypto services.
SBI VC Trade, a cryptocurrency exchange associated with Japan’s SBI Group, has received approval to support the USDC stablecoin.
This makes it the first company in Japan to obtain a stablecoin-related trading license. After completing the registration process with Japan’s Kanto Regional Financial Bureau, the firm will begin processing USDC transactions on March 12, 2025.
SBI VC Trade Positioned as Key Player in Japan Crypto
The exchange’s new registration covers the handling of electronic payment instruments. This establishes it as a key player in the country’s digital currency market. The approval was granted after the exchange met the necessary regulatory requirements. This prepares SBI VC Trade to launch USDC support officially.
CEO Tomohiko Kondo confirmed the upgrade via social media. He noted that the exchange is now Japan’s first and only company authorized to trade stablecoins. The platform’s parent company, SBI Holdings, had previously formed a strategic partnership with Circle, the issuer of USDC, in November 2023.
This collaboration was a preparatory step for the regulatory approval and eventual launch of USDC trading in Japan.
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The exchange will start handling USDC after a system update on March 12, 2025. Initially, SBI VC Trade intends to offer the stablecoin to a limited group of users in a beta phase.
Plans for full-scale operations will follow shortly after.
USDC: Stable, Liquid, and Transparent Digital Asset
USDC is a stable digital asset that is fully backed by US dollar reserves. It offers high liquidity and security for users. The token’s backing is audited monthly by third parties. This ensures transparency and trust in the stablecoin’s value.
SBI VC Trade’s move occurs as Japanese regulators ease restrictions on stablecoins. This reflects a general trend in the country’s changing crypto market. By introducing USDC, SBI VC Trade aims to provide a more efficient and cost-effective method of digital payments. This aligns with Japan’s push for innovation in the digital economy.
Multiple Licenses Position SBI VC Trade for Growth
With the addition of the stablecoin license, SBI VC Trade now holds three key regulatory approvals, including the cryptocurrency exchange business license and a Type 1 financial instruments business license. These licenses give the exchange a unique position in the market. They enable it to offer a range of cryptocurrency-related services in Japan.
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SBI VC Trade’s upcoming support for USDC highlights the increasing role of digital currencies in Japan’s financial ecosystem. The exchange plans to expand its stablecoin and crypto services. It will utilize its newly acquired licenses to provide users with a broader array of digital assets and payment solutions.
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Source: https://coinedition.com/sbi-vc-trade-secures-japans-first-license-for-usdc-stablecoin-trading/
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