SBI VC Trade Gains Regulatory Approval to Launch USDC Transactions in Japan

SBI VC Trade has become the first company in Japan to receive regulatory approval for handling stablecoins, specifically USD Coin (USDC). The exchange plans to start processing transactions for USDC on March 12, with a beta phase initially limited to a select group of customers. This follows Japan's Financial Services Agency's recent reforms allowing stablecoins to be backed by short-term government bonds and fixed-term deposits. SBI VC Trade, part of the SBI Group, holds multiple operating licenses and is expected to enable individual and corporate customers to trade, buy, and sell USDC, which will also be available for trading with BTC and ETH pairs. The involvement of Shinsei Trust Bank will enhance security for users. This move is seen as a significant step for cryptocurrency acceptance in Japan, as it sets a precedent for other firms to follow.