SBI's Crypto Arm Pioneers USDC Trading in Japan

SBI's crypto arm, SBI VC Trade, has announced its support for Circle's USDC stablecoin, following Japan's relaxation of stablecoin regulations. The subsidiary of the Japanese financial conglomerate SBI has completed the first registration related to stablecoin transactions, enabling it to start processing USDC transactions. The platform aims to become one of the first financial platforms in Japan to offer cryptocurrency trading in USDC and plans to launch a USDC trading trial for selected users on March 12, with a full-scale rollout expected in the near future.

SBI VC Trade CEO Tomohiko Kondo confirmed the news on his X account, stating that the platform has received a notification from the Kanto Bureau's Tokyo regional financial office regarding the registration of an electronic payment instrument trading business operator. He noted that SBI VC Trade has become the first and only company in Japan to obtain a so-called stablecoin license and will continue to work toward full USDC support.

The news marks a significant development in stablecoin regulations in Japan, following the country's reported lifting of the ban on foreign stablecoins in 2023. In February, Japan's Financial Services Agency (FSA) reportedly approved a report from a working group recommending policy changes that ease stablecoin-related regulations.