SBI VC Trade first to be licensed as "Electronic Payment Instruments Business Operator"
SBI VC Trade, a consolidated subsidiary of SBI Holdings that operates a cryptocurrency exchange business has completed registration as an "Electronic Payment Instruments Business Operator" (Registration Number Kanto Regional Financial Bureau No. 00001), which will enable SBI VC Trade to be the first to handle the stablecoin "USDC" in Japan.
As of June 1, 2023, the system for "Electronic Payment Instruments Business and Electronic Payment Handling Business" has changed, and in order to conduct the distribution of electronic payment instruments linked to the value of legal tender in Japan, so-called stablecoins, as a business, registration under the Fund Settlement Act and the Banking Act is required.
SBI Holdings has signed a memorandum of understanding for a comprehensive business alliance with Circle, which issues USDC, the world's largest regulated stablecoin, in November 2023. With the completion of the registration as an "electronic payment instrument business operator," SBI VC Trade plans to release a beta version of the USDC, a US dollar-linked stablecoin issued by Circle, to a limited number of users on March 12, 2025, and aims to start handling USDC on a full scale as soon as possible.
USDC is a digital asset fully backed by highly liquid cash and cash equivalents that can be exchanged 1:1 for the US dollar. The backing assets are stored in reliable financial institutions, and monthly certification reports are conducted by third-party institutions, ensuring high transparency. Through handling USDC, SBI VC Trade will provide customers with access to digital US dollars and promote efficient and cost-effective electronic payment methods in line with the development of the digital economy.
In addition, with this registration for electronic payment instruments business (No. 00001), SBI VC Trade now hold three licenses, including the cryptocurrency exchange business (No. 00011) and the Type 1 financial instruments business (No. 3247). Taking advantage of this unique combination, SBI VC Trade aims to provide new cryptocurrency and stablecoin related services that combine the three licenses.
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